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.
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).