Remington may enter bankruptcy court this week

By Daniel Terrill

The Remington Outdoor Company booth during SHOT Show in Las Vegas. (Photo: Daniel Terrill/Guns.com)
Remington Outdoor Company updated a restructuring support agreement with lenders this week, putting the gun giant days away from filing for bankruptcy protections.
In Monday’s agreement, Remington laid out a timeline that set March 18 as the deadline to file a case in federal bankruptcy court. With Chapter 11 protections, the company would continue operating while negotiating with creditors and the court to restructure its nearly $1 billion debt load.
Remington named the newly formed Ankura Trust Company as an administrative agent, a role that manages payments and communications between the borrower and lender. Ankura, which formed in January, specializes in working with companies in “distressed and default situations.”
Initially, the gun maker named Bank of America as administrative agent, but the bank stepped away from the role, which delayed the process. Remington announced plans to prepare for bankruptcy two days before a school shooting in Parkland, Florida, left 17 people dead and 15 others injured. The incident sparked national protests that caused investment firms and banks, including BoA, to review their relationships with gun companies.
With the heated political environment, Remington’s owners and creditors are looking for a quick transition.

Source: Guns.com