Latest News by Industry
Morgan Stanley (NYSE: MS) on Monday revealed it purchased 400,650 shares in Revlon Inc (NYSE: REV) over the last quarter.
Shares of Revlon soared nearly 12% on Monday.
According to a filing, Morgan Stanley’s stake increased by approximately 1,793% in the bankrupt cosmetics company after the purchase.
Revlon filed for Chapter 11 bankruptcy in June, after which the company received approval for a $1.4 billion bankruptcy loan on August 1.
Revlon's shares are down 30% for the year-to-date.
Picture Credits: Reuters
ALSO READ: