Fear & Loading: Remington Bankruptcy Reorganization/New Owners

by
posted on February 13, 2018
** When you buy products through the links on our site, we may earn a commission that supports NRA's mission to protect, preserve and defend the Second Amendment. **
mistrust.jpg (1)

The financial challenges faced by Remington Outdoors are well known, but an announcement by the company yesterday that it was restructuring and filing for protection under Chapter 11, according to CNN, indicates “Cerberus [the firm’s current owner] will give up that ownership once restructuring is complete … .”

The Remington Outdoor press release explains it has reached a “… Restructuring Support Agreement (RSA) with creditors holding a majority of the FGI Operating Company, LLC (‘FGI OpCo’) Term Loans due in 2019 and 7.875% Senior Secured Notes due in 2020…The RSA provides for the reduction of approximately $700 million of Remington’s consolidated outstanding indebtedness and the contribution of $145 million of new capital into Remington’s operating subsidiaries, markedly strengthening the Company’s consolidated liquidity, balance sheet, and long-term competitiveness.”

“The balance sheet restructuring will be effectuated,” it explained, “through a pre-packaged joint plan of reorganization to be filed in the United States Bankruptcy Court for the District of Delaware in connection with the Company’s filing of voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code.”

The company isn’t the industry’s first to file for protection during reorganization. It is, however, America’s oldest gun maker, and that legacy didn’t escape the attention of Remington Executive Chairman Jim Geisler. “Since its founding over 200 years ago, Remington has been a uniquely American company and brand,” he said. “Our longevity is owed to generations of loyal customers and hard-working employees who met challenges and delivered results. Difficult industry conditions make today’s agreement prudent. I am confident this regrouping ensures that Remington will continue as both a strong company and an indelible part of our national heritage.”

“Remington’s business operations will continue to operate in the normal course and will not be disrupted by the restructuring process,” the press release stated. “Payments to trade partners, employee wages and other benefits, support for customers, and an ongoing high level of service to consumers will continue without interruption.”

Latest

Tisas PX-5.7 FO
Tisas PX-5.7 FO

Review: Tisas PX-5.7 FO

The idea that a faster-moving, lightweight projectile can do the same work as a heavier, slower-moving slug has been around for ages, and the math clearly supports it, even if some in the general public don’t.

NRA Awards Grand Scholarships To 2024 Y.E.S. Students

The Y.E.S. program—which launched in 1996—is held each summer in Washington, D.C., and brings together high-achieving high school students from across the country for a week of immersive learning focused on the U.S. Constitution, Bill of Rights and American government.

Rifleman Q&A: Ford Parts For A Smith-Corona

"My wife and I were celebrating our first child when a gentleman came up to our yard as the party was underway and asked about an old wretched Ford pickup that I intended to restore."

Mossberg 990 Aftershock: Not Just An “Other” Firearm

Following on the success of its shotshell-chambered, pump-action Shockwave, with its 990 Aftershock, Mossberg brings to market a similar package with a semi-automatic action that offers even more speed and convenience.

The Armed Citizen® Aug. 4, 2025

Read today's "The Armed Citizen" entry for real stories of law-abiding citizens, past and present, who used their firearms to save lives.

Report Highlights Declining Residental Firearm Thefts, Growing Vehicle Firearm Thefts

“The rate of guns reported stolen from motor vehicles increased by 31% over the period,” a Council of Criminal Justice report states, “while the rate of guns reported stolen during residential and commercial burglaries dropped by 40%.” 

Interests



Get the best of American Rifleman delivered to your inbox.