Revlon Consumer Products Corporation has tapped Alvarez & Marsal to pave the way for a potential bankruptcy filing in case bondholders reject the Company’s restructuring offer, according to people familiar with the matter, WSJ reports. Some bondholders remained undecided Tuesday on whether to accept a restructuring proposal that would help Revlon avoid bankruptcy, some of the people said. A deal could still emerge though and negotiations are ongoing, they added. The Company needs nearly 80% participation and has been seeking hard to find and persuade the remaining bondholders, sources said.

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