Citi Wins Freeze of Hedge Fund's $175 Million Revlon Loan Payment
August 18 2020 - 3:23PM
Dow Jones News
By Becky Yerak and Alexander Gladstone
A federal judge granted Citigroup Inc.'s request to freeze
roughly $175 million the bank said it paid hedge-fund manager
Brigade Capital Management LP by mistake on a loan owed by troubled
cosmetics company Revlon Inc.
Brigade has taken the position it isn't obligated to return the
money it received last week, its share of a nearly $900 million
loan payment owed by Revlon.
The ruling by Manhattan U.S. District Judge Jesse Furman marks
an initial victory for Citi before the judge fully evaluates the
dispute over whether Brigade can keep the money. Another court
hearing was scheduled for late August.
Write to Becky Yerak at becky.yerak@wsj.com and Alexander
Gladstone at alexander.gladstone@wsj.com
(END) Dow Jones Newswires
August 18, 2020 15:08 ET (19:08 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Revlon (NYSE:REV)
Historical Stock Chart
From Mar 2024 to Apr 2024
Revlon (NYSE:REV)
Historical Stock Chart
From Apr 2023 to Apr 2024
