Citi and Revlon Had Skirted Debt Agreement Before, Witness Says
- Executive of firm that got bank’s mistaken payment testifies
- Loans chief says given history, transfer looked intentional
A Citibank branch in New York.
Photographer: Mark Kauzlarich/BloombergThis article is for subscribers only.
Revlon Inc. lenders said it was easy to believe the cosmetics company was paying off a loan early when Citigroup Inc. mistakenly wired them $900 million in August, because they believed the pair had breached the debt agreement before.
“Nothing that both Citi and Revlon had done leading up to that point suggested they would follow any part of that credit agreement,” Scott Caraher, head of loans at Symphony Asset Management, told a judge on Tuesday.