THE WHAT? Citigroup is said to be in talks with a view to recouping the US$500 million it paid over to Revlon creditors in error in 2020, according to a report published by Reuters.
THE DETAILS A federal appeals court ruled that the monies should be repaid to Citibank by the likes of Brigade Capital Management et al back in September, overturning a previous decision siding with the creditors.
THE WHY? The parties involved are seeking a ‘consensual resolution’ to the dispute and expect to update the courts imminently, Reuters reports.
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