Citigroup Restates Earnings After Writing Down Revlon Loan
- Firm says equities sales trading desk also facing probe
- Operating expenses set to rise after Revlon court loss
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Citigroup Inc. restated fourth-quarter results after writing down a portion of a loan to Revlon Inc. it now owns after losing a court battle.
The bank said in a regulatory filing on Friday that it now has rights as a creditor to the troubled cosmetics giant after it lost a court battle over a payment mistakenly sent to a band of lenders to Revlon in August. It’s since written down a portion of the loan.