{"id":91735,"date":"2018-05-17T13:17:33","date_gmt":"2018-05-17T17:17:33","guid":{"rendered":"https:\/\/www.gunsamerica.com\/blog\/?p=91735"},"modified":"2018-05-17T13:17:33","modified_gmt":"2023-08-30T19:49:44","slug":"remington-rebounds-successfully-emerges-from-chapter-11","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/remington-rebounds-successfully-emerges-from-chapter-11\/","title":{"rendered":"Remington Rebounds! Successfully Emerges from Chapter 11"},"content":{"rendered":"<p>Big Green is back, baby!<\/p>\n<p>Remington, also known as &#8220;Remington Outdoor Company,&#8221; announced Thursday that it has successfully emerged from Chapter 11 bankruptcy.<\/p>\n<p>Big Green said that it had succeeded in implementing its plan for reorganization approved earlier this month by the Delaware bankruptcy court.<\/p>\n<p>&#8220;The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company\u2019s debt into equity,&#8221; stated the Remington press release.<\/p>\n<p>&#8220;In addition, the Plan provides the Company with a new Asset Based Loan (\u201cABL\u201d) 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\u2019s normal course of business.&#8221;<\/p>\n<p>Voting for the plan was almost unanimous among lenders and lien noteholders.<\/p>\n<h2>SEE ALSO:\u00a0<a href=\"https:\/\/www.gunsamerica.com\/blog\/bank-of-americas-remington\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-rebounds-successfully-emerges-from-chapter-11\" title=\"Remington Rebounds! Successfully Emerges from Chapter 11\">Bank of America Will Still Stop Lending to AR Makers Despite Giving Loan to Remington<\/a><\/h2>\n<p>\u201cIt is morning in Remington country,\u201d said Anthony Acitelli, Chief Executive Officer of Remington. \u201cWe are excited about the future \u2013 producing quality products, serving our customers, and providing good jobs for our employees.\u201d<\/p>\n<p>More from the press release:<\/p>\n<blockquote><p>As provided in the Plan, all shares of Remington\u2019s common stock issued prior to the commencement of Remington\u2019s 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\u2019s previous Board of Directors expired upon emergence and a new Board of Directors shall be appointed immediately.<\/p><\/blockquote>\n<h2>Resources<\/h2>\n<p>Court filings and claims information may be accessed at <a href=\"https:\/\/cases.primeclerk.com\/remington\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-rebounds-successfully-emerges-from-chapter-11\" title=\"Remington Rebounds! Successfully Emerges from Chapter 11\">https:\/\/cases.primeclerk.com\/remington\/<\/a><\/p>\n<h2>About Remington Outdoor Company<\/h2>\n<p><em>Remington Outdoor Company, headquartered in Madison, N.C., is one of the world&#8217;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&amp;R, Dakota Arms, Parker, AAC, Barnes Bullets, Storm Lake and Tapco. For more information download the Remington Outdoor Company Brochure, located on <a href=\"https:\/\/remingtonoutdoorcompany.com\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-rebounds-successfully-emerges-from-chapter-11\" title=\"Remington Rebounds! Successfully Emerges from Chapter 11\">www.remingtonoutdoorcompany.com<\/a>.<\/em><\/p>\n<h2 style=\"text-align: center\">***<a href=\"https:\/\/www.gunsamerica.com\/Search\/Category\/532\/Guns\/Rifles\/Remington-Rifles-Modern.htm\" campaign=\"RemingtonBuyGA\" target=\"_blank\" class=\"clickTracking\">Buy A Remington on GunsAmerica<\/a>***<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>Big Green is back, baby!  Remington, also known as &#8220;Remington Outdoor Company,&#8221; announced Thursday that it has successfully emerged from Chapter 11 bankruptcy.<\/p>\n","protected":false},"author":34,"featured_media":91736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[111,216,240],"tags":[132,617,607,67],"featured":[],"hunt365":[],"class_list":{"0":"post-91735","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-industry-news","8":"category-s-h-blannelberry","9":"category-this-week","10":"tag-buzz","11":"tag-industry-news","12":"tag-news","13":"tag-remington"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Remington Rebounds! 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Remington, also known as &quot;Remington Outdoor Company,&quot; announced Thursday that it has successfully emerged from Chapter 11 bankruptcy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gunsamerica.com\/digest\/remington-rebounds-successfully-emerges-from-chapter-11\/\" \/>\n<meta property=\"og:site_name\" content=\"Gun Reviews and News | GunsAmerica.com\/Digest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/gunsamerica\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-17T17:17:33+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-30T19:49:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2018\/05\/RemingtonChapter11.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"931\" \/>\n\t<meta property=\"og:image:height\" content=\"641\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"S.H. 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