Revlon files bankruptcy

The 245% four-day surge by Revlon, which filed for bankruptcy after amassing massive amounts of debt amid rampant competition, recalls another wild trade ...

Included in that debt pile is $431 million of outstanding unsecured bonds that are trading for just six cents on the dollar, a sign those bondholders expect to recover little, if anything. Those gains built on a 183% jump from the stock’s low of $1.08 on Monday through Thursday’s close. Since Revlon crashed to an all-time low on Monday, the troubled cosmetics maker’s stock has soared 245% as speculators traded more than 350 million shares on bets of big returns.