Not quite. They paid on behalf of of Revlon which is unable to pay.
Effectively, Citibank bought a 500m loan at par when its trading at 43c to the dollar. So Citi just gave the lenders a little over $250m and now is stuck with a non performing loan.
Effectively, Citibank bought a 500m loan at par when its trading at 43c to the dollar. So Citi just gave the lenders a little over $250m and now is stuck with a non performing loan.
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