Investment bank Citigroup accidentally paid Revlon lenders $900 million and is now hoping the recipients give it back, The Wall Street Journal reports. In the course of filing a lawsuit against Revlon on Wednesday over debt restructuring tactics, the lenders found they’d been fully repaid—with interest—on a loan they issued to Revlon in 2016. However, Revlon didn’t pay it. Citigroup says the money was paid through a “clerical error” and executives are now scrambling to get the money back. Revlon has been struggling in recent years and has been battling lenders holding the 2016 loan. The lawsuit alleges the cosmetics company moved valuable brand assets beyond lenders’ reach to use as collateral for other creditors.
Read it at Wall Street Journal
