Revlon files for bankruptcy

Revlon, the 90-year-old multinational beauty company, has filed for Chapter 11 bankruptcy, weighed down by a heavy debt load, disruptions to its supply chain network and surging costs.

The New York-based company said it expects to receive $575 million in financing from its existing lenders, which will allow it to keep its day-to-day operations running.

None of Revlon's international operating subsidiaries are included in the proceedings, except for Canada and the United Kingdom.

The filing was made in the U.S. Bankruptcy Court for the Southern District of New York. The company is backed by billionaire Ron Perelman's MacAndrews & Forbes.