Revlon’s embattled chairman Ron Perelman has reached a deal with corporate raider Carl Icahn that could help keep the cosmetics giant out of bankruptcy, The Post has learned.

Revlon on Wednesday said that holders of $236.5 million of its $343 million in bonds, or 69 percent, have agreed to accept lower debt repayments to help keep the struggling company afloat. Icahn, a billionaire investor who has waged war against Perelman before, is among the lenders who have agreed to the new terms, according to sources close to the situation.

The terms of the exchange couldn’t immediately be learned, but Revlon had been offering lenders either 32.5 cents on the dollar in cash or a mixture of cash and bonds worth about 50 cents on the dollar.

The cosmetics giant — whose sales have been devastated by the coronavirus crisis, which has tanked demand for beauty products — hammered out the deal under pressure of a Nov. 16 deadline to restructure $343 million in bonds or trigger payment on $1 billion in senior loans that might have forced the company into bankruptcy.

And while it’s too early early to say whether the deal will allow the company to avoid filing for Chapter 11 bankruptcy protection, sources with knowledge of the exchange say it’s a big step in that direction.

Revlon said it may leave the exchange window open in hopes that some holdouts may still tender their bonds. The company, which will determine by Friday whether it can complete the exchange offer, said it may decide by Thursday at 9 a.m. to extend the exchange.

Meanwhile, The Wall Street Journal on Wednesday reported that Revlon needs 80 percent of bondholders to agree to the exchange to stave off bankruptcy.

To avoid default, Revlon needs $200 million in leftover cash after paying bondholders. The company as of Sept. 18 reported having $344 million in cash and money it could borrow through existing loans.

As The Post reported exclusively on Monday, bondholders were initially reluctant to take the offer after learning that some 26 percent of the bonds are backed by mystery owners who will need to be paid in full because they can’t participate in the negotiations — raising speculation that some of those holders could be affiliated with Perelman. Those investors now represent the bulk of the holdouts.

If Revlon can refinance the $343 million in bonds, it will then have until 2024 before its next debt maturity giving it the ability to withstand the pandemic’s impact on its earnings, a Revlon lender told The Post. The company is losing about $10 million a quarter.

Revlon’s shares, which soared Tuesday by 47 percent, rose 22 percent to $10.77.

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