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PostPosted: Mon Mar 26, 2018 12:23 pm 
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Silent But Deadly

Joined: Tue Feb 27, 2007 5:02 am
Posts: 2541
Location: N. Colorado
http://abcnews.go.com/Business/wireStory/us-gun-maker-remington-files-bankruptcy-protection-54010621

Remington's bankruptcy has been in the news for a while, although they held off for a while after the FL school shooting. On Sunday evening, Remingtom Outdoor Co. filed a prepackaged bankruptcy plan in Delaware.

Quote:
Remington, which has roots dating to 1816, has lined up $100 million with lenders to continue operations. It remains unclear what will happen to its 3,500 or so employees as it reorganizes.

Late Sunday, according to records from the bankruptcy court of the district of Delaware, Remington Outdoor Co. agreed to a prepackaged deal that would give holders of the company's $550 million term loan an 82.5 percent stake, according to a release.

Third-lien noteholders will take 17.5 percent of Remington and four-year warrants get a 15 percent stake.


It is expected that Remington and various subsidiaries will continue normal operations (Bushmaster, DPMS, AAC, Marlin, Barnes, etc.), as the debtholders take over the company (primarily Franklin Resources and JP Morgan Chase's asset management division).

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PostPosted: Thu Mar 29, 2018 11:30 am 
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Silent But Deadly

Joined: Sun May 26, 2013 10:01 pm
Posts: 448
My understanding is that this is Chapter 11 re-organization, not Chapter 7 liquidation. A big difference.


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PostPosted: Tue May 22, 2018 9:07 am 
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Joined: Tue Sep 26, 2017 11:16 am
Posts: 21
Remington is now out of Chapter 11 bankruptcy. Looks like the banks did fast work trimming and restructuring. We'll see what this means for the future of the company and its products.


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