Remington Begins Chapter 11 Bankruptcy Proceedings

Remington Begins Chapter 11 Bankruptcy Proceedings

A lawsuit seeking to hold Remington partially liable is pending before the U.S. Supreme Court.

However, Remington, which is controlled by buyout firm Cerberus Capital Management LP, was abandoned by some of Cerberus' private equity fund investors at that time.

Like most firearms manufacturers, Remington has struggled recently with declining sales amid decreasing consumer demand following the election of President Donald Trump in November 2016.

Remington Outdoor Co. said Monday it will enter Chapter 11 bankruptcy protection with a restructuring plan created to reduce much of its $950 million debt and provide $145 million in new capital.

In a statement, executive chairman Jim Geisler said, "Difficult industry conditions make today's agreement prudent". The balance sheet restructuring will be effectuated through a pre-packaged joint plan of reorganization to be filed in the United States Bankruptcy Court for the District of DE in connection with the Company's filing of voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code.

Firearm maker Remington Outdoor Co.

"We have an outstanding collection of brands and products, the unqualified support of a vibrant community across the industry, and a deep and powerful culture".

Britain sends warship to challenge Beijing's South China Sea claims
It's against the principles Western liberal democracies hold dear - free speech, free thought", he said. He also urged Australia to step up its response in the region. 'World dynamics are shifting so greatly.

With the consent of a majority of the holders of the Term Loans (the "Term Loan Lenders") and the Third Lien Notes (the "Third Lien Noteholders"), Remington Outdoor Company will provide a $45 million delayed draw first-out first lien term loan (the "FirstOut Term Loan") to FGI OpCo.

American Outdoor Brands shares are down 63.9 percent since the election; Sturm Ruger is down 28.5 percent. The move comes amid declining sales linked, at least partly, to reduced fears among gun owners that the USA government will impose more regulations on buying firearms.

The opposite has occurred since the election of Trump as firearm background checks declined faster in 2017 than in any year since 1998, when the Federal Bureau of Investigation first began compiling the background check data. He became the first sitting president to address the National Rifle Association in three decades, telling members at their annual meeting last spring that "You have a true friend and champion in the White House".

DuPont's research led to Remington's Nylon 66, a Remington rifle that used a DuPont material, rather than a wood stock.

Remington, a two-century-old gunmaker, has been under a succession of owners.

The company said the new capital will markedly strengthen the company's consolidated liquidity, balance sheet and long-term competitiveness.

Related Articles

  • Gas prices 6 cents higher but will start to decline

    Gas prices 6 cents higher but will start to decline

    Good news for drivers in Hampton Roads, but not so much for those filling up the tank in the rest of the state. State of Tennessee- $2.37, down 3.6 cents per gallon from last week's $2.40.
    Prisoner Who Escaped by Swapping Places With Twin Is Recaptured

    Prisoner Who Escaped by Swapping Places With Twin Is Recaptured

    The Interior Ministry confirmed through a statement that Alexander had been recaptured. Alexander Delgado Herrera is back in custody following his 2017 escape from prison.
    Thomas Cook resumes flights to Tunisia

    Thomas Cook resumes flights to Tunisia

    It is more than six months after the Foreign Office lifted its advice against non-essential travel to the north African country. After the mass shooting, terror group ISIS claimed responsibility for the attack.
  • Allegiant adds year-round base, new flights at Destin-Fort Walton

    Allegiant adds year-round base, new flights at Destin-Fort Walton

    Allegiant will offer flights to the Destin/Fort Walton Beach airport beginning June 7. The new flights will bring almost 25,000 additional visitors to the area.
    Comcast Considering New Offer for Fox Assets

    Comcast Considering New Offer for Fox Assets

    Political opponents of the Fox-Sky deal, led by Labour Party politician Ed Miliband, continued to argue it should not be allowed. The CMA, which will publish its final report on May 1, had last month outlined three possible remedies for its concerns.
    Zuma crisis: Police raid Gupta family house

    Zuma crisis: Police raid Gupta family house

    A senior judicial source said police expected to arrest up to seven more people and that Gupta family members would be among them. They have a close relationship with President Jacob Zuma and his family. "To us the law is blind, it does not matter who it is".
  • Israeli police recommend bribery charges against Netanyahu

    Israeli police recommend bribery charges against Netanyahu

    It said Netanyahu had accepted gifts valued at 750,000 shekels ($214,000) from Milchan, and 250,000 shekels ($71,000) from Packer. As he noted in his statement on Tuesday night, the police indict no one, they can only recommend.
    Ford boosts production of two big SUVS at Kentucky plant

    Ford boosts production of two big SUVS at Kentucky plant

    Customers are trading in Land Rover and Mercedes vehicles and around 85% of buyers choose high end Black Label and Reserve models. The use of aluminum in the new Expedition/Navigator required an extensive renovation of the plant.
    Ellen DeGeneres hosted a star-studded birthday bash on Saturday night

    Ellen DeGeneres hosted a star-studded birthday bash on Saturday night

    The I Feel Pretty actress has been romantically linked with the chef since last November but has never addressed the rumors. Rossi announced the gift during a taping of Ellen's talk show earlier this month when she made a surprise appearance.
  • Barcelona asked to stop playing Messi

    Barcelona asked to stop playing Messi

    Argentina captain, Lionel Messi has been unlucky three times after losing three back to back finals. Tapia's comments come at a time when Messi has been in fine form for treble-chasing Barcelona .
    Newspaper slammed for 'how to spot gay people' checklist

    Newspaper slammed for 'how to spot gay people' checklist

    Just a few months later Sameera Krishnan, a 27-year-old trans woman, was then stabbed and shot three times at her florist shop. Moreover, the article labelled lesbians as tending to hug each other, holding hands, belittling men and staying alone.
    Pence: 'The View' Hosts Comparing Christianity to Mental Illness Is Wrong

    Pence: 'The View' Hosts Comparing Christianity to Mental Illness Is Wrong

    The comedian shifted her position after co-host Meghan McCain said Jesus speaks to her "every morning". We may even see the View playing this clip tomorrow to give her another chance to mock Pence's faith.