Citibank is asking a bankruptcy judge to recognize what it says Revlon won't: a $500 million debt.
. Now it wants to use another legal concept — subrogation — to ensure it can claw back at least some of that money from Revlon.Citi didn't lend Revlon the money. Instead, it accidentally and unilaterally paid off a group of Revlon lenders. Citi is still trying to get its money back from those lenders, but itWhat they're saying:
"It has become crystal clear that the Revlon Group and other constituencies have refused to acknowledge Citibank’s subrogation rights," says Citi in its lawsuit, adding: "As of the date of this filing, Citibank is subrogated to the rights of the Non-Returning Lenders. Period.
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