Welcome to The Brink. I’m Jonathan Randles, a reporter in New York looking at the ugly face-off between a beauty company and a key lender. We also have news on debt restructurings of Wes Edens’ New Fortress Energy and Pretium Packaging, a bottle manufacturer owned by Clearlake Capital Group. Follow this link to subscribe. Send us feedback and tips at [email protected].
Pat McGrath is a celebrity makeup artist who has collaborated with Taylor Swift and Louis Vuitton. But another relationship now overshadows all others: the one she has with GDA Luma Capital Management, a lender seeking an immediate sale of her business.
In an effort to keep hold of her cosmetics brand, the entrepreneur put Pat McGrath Labs into Chapter 11 in Miami — just days before it was due to hit the auction block. Court papers show GDA Luma sought to foreclose on her business over alleged debt defaults.
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