(Reuters) – Citigroup Inc reached an agreement with all 10 Revlon Inc lenders that it mistakenly paid about $500 million on a loan, a court document showed on Friday.
“About three quarters of the mistaken payments have now been returned to Citibank,” lawyers for both Citigroup and the lenders said in a letter to a federal judge.
Citigroup, as Revlon’s loan agent, had accidentally used its own money in August 2020 to prematurely pay off a $894 million loan owed by billionaire Ronald Perelman’s now-bankrupt cosmetics company.
(Reporting by Ann Maria Shibu and Urvi Dugar in Bengaluru; Editing by Chris Reese)
