Pat McGrath Labs has headed out of bankruptcy , but whether it can be made a success remains to be seen. As a refresher the brand, best known for gold, multipurpose pigment and glass skin masks that once nabbed a $1 billion valuation, filed for Chapter 11 bankruptcy in January amid liquidity constraints.  Last week, GDA Luma, its new majority owner, said the brand is emerging from Chapter 11 protection. Founder Dame Pat McGrath will continue in her role as chief creative officer while relinquishing the chief executive officer title. Related Articles Whether McGrath’s editorial view on makeup is commercially viable is still in question, as is the fate of an artistry brand that is now competing in a much more crowded market. “She is without question the most renowned makeup artist in the world, with incredible talent,” said one industry source.…