Judge to Rule on Remington Bankruptcy Sale

by
posted on September 28, 2020
remington-1.jpg
If the United States Bankruptcy Court of the Northern District of Alabama approves documents submitted on Sunday, Sept. 27, Remington Outdoor will not escape its latest bankruptcy filing intact.

As presented to the court, Ruger would take over Marlin firearms, Vista Outdoor gets Lonoke ammunition, and Sierra Bullets gets control of Barnes. In addition, Bushmaster goes to Franklin Armory Holdings, DPMS, H&R, AAC, and Parker all would become part of JJE Capital Holdings—owner of Palmetto State Armory—and the nation’s oldest gunmaker, Remington Arms, transfers to Roundhill Group.

The moves include all assets, both intellectual and physical, including manufacturing facilities, trademarks and patents. The sale starkly contrasts the bankruptcy protection Remington Outdoor filed in 2018, in which it emerged in two months after shedding $775 million in debt without sacrificing any properties.

Vista Outdoor Chief Executive Officer Chris Metz reassured enthusiasts if the sale is approved Remington’s legendary ammo is not going away. “Remington ammunition and accessories have a storied role in America's sporting heritage, with a legacy dating back to 1816…We are excited and honored to add the iconic Remington brand and green box to Vista Outdoor's portfolio of ammunition brands, and Remington accessories to our portfolio of Hunting and Shooting Accessories. The Remington brand is beloved by hunting and shooting sports enthusiasts everywhere and we look forward to restoring it to greatness by leveraging Vista Outdoor's scale, manufacturing infrastructure, distribution channels and Centers of Excellence.”

The Wall Street Journal reports the sale of all the brands and properties combined will, “…bring in at least $155 million to be applied against the company debts.” A July Washington Post article put the company’s current financial situation in perspective, though, indicating it has a total debt that may be as high as $500 million.

All purchase prices were not available at press time, although Vista Outdoor announced it has agreed to pay $81.4 million (gross) for the assets it seeks, subject to certain customary closing adjustments. New York’s WIBX radio reports the current offer for the Remington firearm assets, Ilion factory and Tennessee barrel-making facility came in at $13 million.

 

Latest

Blackhawk
Blackhawk

Blackhawk Offers Product Customization

Blackhawk has launched a new custom Kydex holster and accessory program on its website, which allows customers to choose from a variety of colors, graphics and other features.

Firearm Actions For Mixed-Up Families

Can’t a lefty learn to run a right-hand platform? Sure, but the optimal answer is a firearm with a format that matches the shooter—although there are universally friendly, bilateral options.

This Old Gun: Model 1860 Henry Rifle

Although he probably didn’t plan it, when New England shirtmaker Oliver Fisher Winchester acquired the Volcanic Repeating Arms Co. in 1857 and re-named it the New Haven Arms Co., he ended up dramatically altering firearm technology, helped settle the American West and subsequently created a legacy that continues to this day.

Smith & Wesson Issues Safety Recall For M&P12 Shotguns

Smith & Wesson has issued a safety recall this week for the new M&P12 bullpup shotgun.

The Armed Citizen® Oct. 18, 2021

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

Bergmann’s Extraordinary Pistols

Although Bergmann’s products never received the notoriety of the Luger, the Broomhandle or the Colt M1911, he nevertheless set many milestones in firearm development—including making the first pistol to achieve genuine commercial success. How’s that for extraordinary?

Interests



Get the best of American Rifleman delivered to your inbox.