Significantly Reduced Debt Load and Interest Expense Continued Focus on Revitalization.
Madison, NC – -(Ammoland.com)- 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 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.
In fifty years of buying firearms I don’t remember buying a single one. And I don’t think I have one in the safe. And while I liked the 870 I carried at work off and on for over 22 years I don’t regret not buying one. Hopefully they get their act together but it is going to be a long haul uphill all the way.
Dear Remington
I’m available to be a member of your new board, feal free to contact me anytime in the near future regarding this opportunity for Remington to have me a member of board. Without my membership on the board I don’t see the company have a future.
An avid Remington customer of 50 plus years.
Good to hear, but they do need to get the quality quarterback in there, especially in the Marlin arena.
Amen to that. As a long time Marlin lover, the most recent purchase I made had the rear sight apparently driven in by a hammer. It appears like “quality is expensive” motto has infected the Rem operation. I’ll wait a while and see how it goes before I’ll buy another. The money grabbers almost destroyed this great company.
‘Almost’?
@VTPat, Remington has always been about profit margin. Cut corners, cut corners, cut corners. They thought it was a good business idea to buy out Para Ordinance and then put Para’s great designs, machinery, and skilled labor into moth balls. Apparently the MBA trained geniuses at Remmy HQ did not want the public to get used to quality design and manufacturing.
@WB Much as I respect you, the term always does not apply. All companies are in business to make a profit. Years back, Rem was owned by Olin, and the profit was obtained by offering very good products at decent prices. In the 80’s and 90’s, it was common for companies to buy up profitable smaller companies, milk them till they die, then split them up and enjoy the windfall. Rem wound up in Cerebus which did the same thing. Quality went down the drain, (Ever try REM GB’s or thunder thuds?) My lovely ladies dad retired from Rem in… Read more »
@VTPat, I stand corrected. I missed a few things during those years. You know, a guy gets busy, sometimes.
If Remington were to hire/re-hire their Quality Control people, they should be “OK”.
Interested in the Lastest Arms
Particularly Glocks
Long Guns
Remington does not manufacture Glocks. Thanks for playing.