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Thread: Remington emerges from Chapter 11

  1. #1
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    Remington emerges from Chapter 11

    REMINGTON OUTDOOR COMPANY SUCCESSFULLY EMERGES FROM CHAPTER 11

    Significantly Reduced Debt Load and Interest Expense
    Continued Focus on Revitalization

    Madison, NC – May 16, 2018 – 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.

  2. #2
    CGN Ultra frequent flyer Tex Critter's Avatar
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    Great news!
    Tex (a Romanian, Polish, German, Austrian, Scottish, English, Bavarian, Bohemian, Irish Canadian from Saskatchewan)
    Cede Nullis
    NO GREATER LOVE HATH A MAN THAN THAT HE WOULD GIVE UP HIS LIFE FOR ANOTHER.
    Time spent on Recce is seldom wasted

  3. #3
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    Love it, good news!

  4. #4
    CGN Ultra frequent flyer Scotty454's Avatar
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    That was quick... Don't these things usually drag out waaaay longer than a couple of weeks??

    Let Freedom Ring With a Shotgun Blast!

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    CGN Regular Alvin1095's Avatar
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    Freedom group, the cancer of firearm industry. Remington, bushmaster, marlin are all ruined by freedom group.

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    CGN Ultra frequent flyer sky52's Avatar
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    Somehow magpul survived...

  7. #7
    CGN Ultra frequent flyer Joe549's Avatar
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    producing quality products,
    Yeah... I'll believe that when I see it.
    Liberals. The lowest form of sh1t to ever exist.

  8. #8
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    Quote Originally Posted by Alvin1095 View Post
    Freedom group, the cancer of firearm industry. Remington, bushmaster, marlin are all ruined by freedom group.
    Well said.....100% agree

  9. #9
    CGN Regular jmcgee's Avatar
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    Awesome

  10. #10
    CGN Ultra frequent flyer dirtybarry's Avatar
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    Quote Originally Posted by Scotty454 View Post
    That was quick... Don't these things usually drag out waaaay longer than a couple of weeks??
    All depends on how prepared their management was. If they already had a plan, then a Chapter 11 filing let's them implement it quickly which is in everybody's best interests.
    The downside of learning stuff is that it makes me realize how much I don't know.

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