Posted May 4, 2018 12:00 pm by Comments

By Tom Knighton

Remington Outdoor Company has been undergoing an attempt to reorganize following their filing for bankruptcy protection. It’s been a rough time for the gun manufacturer as sales didn’t go up quite as much as anyone expected, mostly because the gun grabber candidate lost in 2016, and now everyone is in a tough spot.

Now, though, there’s a bit of good news for Remington. The bankruptcy court has approved their reorganization plan.

Remington Outdoor Company (“Remington” or “the Company”), one of the world’s leading designers and manufacturers of firearms, ammunition, and related products, today announced the United States Bankruptcy Court for the District of Delaware confirmed the Company’s Plan of Reorganization (“the Plan”). Remington expects to emerge from bankruptcy before the end of May.

The Plan, a comprehensive balance sheet restructuring, will cancel over $775 million in debt while all trade and business claims are honored. The Plan received support from over 98 percent of the voting Term Loan Lenders and all of the voting Third Lien Noteholders. Upon emergence, Remington will have a new Asset Based Loan (“ABL”) facility of $193 million, the proceeds of which will refinance the existing ABL facility in full. In addition, the Company will have …Read the Rest

Source:: Bearing Arms

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