Full statement from Ronald O. Perelman:
Like most American businesses, MacAndrews and Forbes and its portfolio businesses were hit hard by the coronavirus pandemic. As a consequence, we quickly took significant steps to react to the unprecedented economic environment that we were facing. I care deeply about my businesses and employees and as a result of taking dramatic action and adhering to a disciplined approach our businesses are now beginning to recover. I have been very public about my intention to reduce leverage, streamline operations, sell some assets and convert those assets to cash in order to seek new investment opportunities and that is exactly what we are doing.