Citigroup Inc is negotiating the return of about $500 million it mistakenly paid a group of hedge funds and investment firms on a loan owed by Revlon Inc , the now-bankrupt cosmetics company controlled by billionaire Ronald Perelman.
The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren
While no agreement has been reached, the lawyers said "material terms" of a settlement would provide for the return of Citigroup's money, with the bank transferring interest and amortization payments it began receiving in early 2021. Citigroup, which was Revlon's loan agent, had accidentally used its own money in August 2020 to pay off the company's $894 million loan three years early instead of paying $7.8 million in interest.But 10 asset managers including Brigade Capital Management, HPS Investment Partners and Symphony Asset Management refused, saying the bank paid what they were owed.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
IDB approves $500 mln loan to Argentina to fight climate changeThe Inter-American Development Bank (IDB) has approved a $500 million credit line to Argentina to mitigate the impacts of climate change, its Economy Ministry said in a statement on Wednesday.
Read more »
Chipotle selling 'mystery boxes' with fan merchandise, hidden $500 gift cardsChipotle said it hid $500 gift cards in some of the “mystery boxes,” and fans who order within the first 48 hours have a chance to score one.
Read more »
Chipotle selling 'mystery boxes' with fan merchandise, hidden $500 gift cardsChipotle said it hid $500 gift cards in some of the “mystery boxes,” and fans who order within the first 48 hours have a chance to score one.
Read more »
32 Unique Amazon Gifts -- from a $20 'Cheetos Duster' to a $500 Nugget Ice MakerFrom a blender that specifically makes 'Cheetos dust' to a candle that smells like... New Jersey, our shopping editors round up the most unique gifts to give this holiday season. RSRecommends
Read more »
New hospital planned at A&M University-San Antonio in partnership with University HealthAn agreement to spend $500 million to create a new hospital on the South Side and...
Read more »