Success: Remington Outdoor Company Emerges From Bankruptcy

by
posted on May 17, 2018
remington.jpg

Nearly two months after filing for bankruptcy protection, Remington Outdoor Company has reportedly significantly reduced its debt load and interest expense. An ROC press release outlining basic terms of the agreement was issued today: 

"Remington Outdoor Company (“Remington” or “the Company”), one of the world’s leading designers and manufacturers of firearms, ammunition, and related products, announced today that it has emerged from Chapter 11 after successfully implementing its plan of reorganization (“the Plan”) previously confirmed by the Delaware bankruptcy court on May 4, 2018.

The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company’s debt into equity. In addition, the Plan provides the Company with a new Asset Based Loan (“ABL”) facility of $193 million, the proceeds of which will refinance its prior ABL facility in full, a new $55 million First-In, Last-Out Term Loan and a new $100 million Term Loan. As an integral part of the Plan, all trade and business claims are unimpaired and will be addressed in the Company’s normal course of business. The Plan received support from over 97% of the voting Term Loan Lenders and all of the voting Third Lien Noteholders.

As provided in the Plan, all shares of Remington’s common stock issued prior to the commencement of Remington’s bankruptcy proceeding were cancelled upon emergence, and Remington has issued new shares of common stock and, in some cases, warrants, to the holders of its previously outstanding funded debt in return for their allowed claims against Remington. The term of Remington’s previous Board of Directors expired upon emergence and a new Board of Directors shall be appointed immediately.

“It is morning in Remington country,” said Anthony Acitelli, Chief Executive Officer of Remington. Mr. Acitelli continued, “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”

Remington’s legal counsel is Milbank, Tweed, Hadley & McCloy LLP, its investment banker is Lazard Freres & Co. LLC, and its financial advisor is Alvarez & Marsal. The Term Loan Lenders’ legal counsel is O’Melveny & Myers LLP and their investment banker is Ducera Partners LLC with M-III Advisory Partners, LP also advising the Term Loan Lenders. The Third Lien Noteholders’ counsel is Willkie Farr & Gallagher LLP and their investment banker is Perella Weinberg Partners LP.

Resources
Court filings and claims information may be accessed at cases.primeclerk.com/remington/

About Remington Outdoor Company
Remington Outdoor Company, headquartered in Madison, N.C., is one of the world's leading innovator, designer, manufacturer, and marketer of firearms, ammunition, and related products for the hunting, shooting sports, law enforcement, and military markets. As one of the largest manufacturers in the world of firearms and ammunition, we have some of the most globally recognized brands including Remington, Bushmaster, DPMS/Panther Arms, Marlin, H&R, Dakota Arms, Parker, AAC, Barnes Bullets, Storm Lake and Tapco. For more information download the Remington Outdoor Company Brochure, located on remingtonoutdoorcompany.com."

Additional Reading:
Fear & Loading: Remington Files for Bankruptcy Protection  

Latest

Campbell 45 Colt 1
Campbell 45 Colt 1

The .45 Colt: History and Performance

From the Single Action Army to various other revolvers and lever-action rifles, the .45 Colt cartridge has more than a century of history and is still a favorite of many enthusiasts today.

FN PS90: The Space-Age Bullpup Carbine

When introduced in the 1990s, the FN P90 PDW was far different from more traditional carbines with its design and chambering. It design and layout are truly unique, and even two decades later the semi-automatic PS90 is still popular and futuristic.  

The Armed Citizen® July 23, 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.

NRA Gun of the Week: Black Aces Tactical Pro Series L

Known for coming up with some unique shotgun models, Black Aces Tactical has a stand-out shotgun with its Pro Series Lever-action shotgun design.

The Professional Hunter's Rifle

A professional hunter’s rifle is possibly the most important tool of his trade, and that which often keeps the close calls from becoming radio calls for help.

Rifleman Q&A: An Albanian SKS?

The Albanian SKS is a rather rare variant of the SKS rifle. Very little is known about its background, as compared to other versions. Read on.

Interests



Subscribe to the NRA American Rifleman newsletter