Big Green is back, baby!
Remington, also known as “Remington Outdoor Company,” announced Thursday that it has successfully emerged from Chapter 11 bankruptcy.
Big Green said that it had succeeded in implementing its plan for reorganization approved earlier this month by the Delaware bankruptcy court.
“The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company’s debt into equity,” stated the Remington press release.
“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.”
Voting for the plan was almost unanimous among lenders and lien noteholders.
SEE ALSO: Bank of America Will Still Stop Lending to AR Makers Despite Giving Loan to Remington
“It is morning in Remington country,” said Anthony Acitelli, Chief Executive Officer of Remington. “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”
More from the press release:
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.
Resources
Court filings and claims information may be accessed at https://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 www.remingtonoutdoorcompany.com.
Common stock. Great. Just declare bankruptcy and it’s worthless. My wife and I voluntarily gave up wages to save our company. Were issued common stock in exchange. Over the years ended up with $180,000.00 in stock. Company declared bankruptcy and we each received a settlement check for $45.00. Celebrated by going out to dinner, but I had to pay the tip out of pocket. LOL. BTW, that company is making money hand over fist now. Remington seems to have pulled the same move. No celebration for me. They just screwed an unknown number of people and claim success.
I feel ya brother. I was a victim of Worldscam (MCI/Worldcom). One of my buddies there lost $250,000 in retirement. Gone in a moment and then they fired us all. They should be allowed to die a painful death and never come back. Just like bank of unamerica and wells fartgo.
I couldn’t have said it better myself. The article seems to tout it as a good thing. They never address that because they declared bankruptcy a lots of other people get hurt.
I had a small machine shop that had a few large clients. My largest one, owed my company just shy of 300,000, and after taking delivery of a large order, I was not paid and they declared bankruptcy.
I was not returned the stock because the bankruptcy judge said they needed it to produce products and sales. They reduced the debt to me to $15,000. I could pay the lease on my machines and rent so Well guess, I lost my business because of that. They are still in business.
They will not successfully emerge until they start making a profit which hopefully they will accomplish. Hope they did not allow Bank of UnAmerica to dictate any changes in their operations and products.
Time will tell if they was any anti gun restrictions negotiated into the bankruptcy settlement. If they or their subsidiaries stop selling over ten round magazines and politically incorrect rifles you will know it was in the agreement.
Bank or America. They need to strike Americas from their name.They are not an American institution as I see them. Will not get my business.
Now they need to pull everything and everybody out of Ilion, New York….PERMANENTLY! With facilities in AL, AR, KY, and NC, they need to totally divest themselves form NY, as do so many others. Politics and politicians from NY don’t seem to want or need their business, and that goes for many other northeastern states too. JUST DO IT! LEAVE!
I for one, am glad to see BIG GREEN back in business. Hunted , plinked , and target shot them for over 60 years. Oh, and by the way, to hell with Bank of America. 2nd amendment folks should boycott them.
I’m not sure how I feel about that with all the screwing up they’ve been doing. They may have a chance if every single executive officer is removed, including the President, and replaced with business minded Hunters, 3 gunners and former Military shit kickers.
Take note that nowhere in that statement does it say anything about the shitstream of Shitty firearms Remington has produced recently that got them into this mess in the first place…If a Firearms Company can’t figure out how to make money in THIS environment, then it’s time for them told their tent and call it a day…Something went seriously wrong at Remington about 20 years ago, and if recent events are any indications, Remington needs to get gone and let somebody that knows what they’re doing take a shot….