chapter 11
The 90-year-old beauty company is weighed down by a heavy debt load, disruptions to its supply chain network and surging costs.
The proposed compensation fund would pay out $2.6 billion to more than 80,000 men who say they were molested as children by Scout leaders and others.
The company has reached an agreement with shareholders of more than $10 billion of its outstanding debt.
Toy giant Toys R Us filed for Chapter 11 since the company is in debt over $5 billion.
WHAT'S HAPPENING
She just savaged the business record he so often touts.
This is one of the largest bankruptcies involving a non-financial company.
"Over the last 10 years, my story's been really difficult. No one has any idea what happened to me."