Big Green is back, baby!
Remington, also known as “Remington Outdoor Company,” announced Thursday that it has successfully emerged from Chapter 11 bankruptcy.
Big Green said that it had succeeded in implementing its plan for reorganization approved earlier this month by the Delaware bankruptcy court.
“The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company’s debt into equity,” stated the Remington press release.
“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.”
Voting for the plan was almost unanimous among lenders and lien noteholders.
“It is morning in Remington country,” said Anthony Acitelli, Chief Executive Officer of Remington. “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”
More from the press release:
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.
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.