The U.S. Bankruptcy Court for the Southern District of New York has confirmed Revlon’s plan of reorganization. The plan positions Revlon to emerge from bankruptcy in late April, consistent with the timeline announced at the beginning of the restructuring.

As a result of the restructuring process and the plan, Revlon is expected to emerge with approximately $285 million of liquidity, to be funded through an equity rights offering, a new money senior secured credit facility and new asset-based loans. Upon its emergence from bankruptcy, the company will eliminate more than $2.7 billion in debt from its balance sheet, with approximately $1.5 billion of debt outstanding.

Under the terms of the plan, Revlon will emerge as a private company no longer listed on any stock exchange or subject to public company reporting requirements. The majority of the company’s equity will be owned by its former lenders.

“The plan confirmation is a critical milestone and positions Revlon to emerge from the restructuring process with a greatly simplified capital structure that will support the business going forward,” Debra Perelman, president and CEO of Revlon, said. “We know this financial restructuring has been challenging for our employees, vendors and partners, and we thank them all for their support. Our new capital structure and increased liquidity will enable us to continue to animate our brands in the market, and we look forward to the future of Revlon.”

PJT Partners is acting as financial advisor to Revlon and Alvarez & Marsal is acting as restructuring advisor. Paul, Weiss, Rifkind, Wharton & Garrison is acting as legal advisor to the company.