FILE PHOTO: A man aims a Remington firearm at the annual National Rifle Association (NRA) meeting in Dallas, Texas, U.S., May 4, 2018. Posted on May 17, 2018 by Ammoland Significantly Reduced Debt Load and Interest Expense Continued Focus on Revitalization. And while I liked the 870 I carried at work off and on for over 22 years I don’t regret not buying one. Reply Clark Kent says: May 18, 2018 at 3:13 PM ‘Almost’?
The board of directors for the reorganized company include term loan directors Alex Zyngier, George Wurtz, G.M. Under the reorganization plan, inked two days before the Feb. The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company’s debt into equity. Hopefully they get their act together but it is going to be a long haul uphill all the way.
All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates. © 2018 Cable News Network. McCarroll, Gene Davis, as well as third lien notes directors Ron Coburn and Ken D'Arcy. Parkland shooting, creditors including JPMorgan Chase & Co ( JPM.N ) and Franklin Advisors will take ownership stakes in the company in exchange for forgiving more than $775 million of debt.
Without my membership on the board I don’t see the company have a future. Cut corners, cut corners, cut corners. The last 10 years of their history is a shambles. Reply Bill Woods says: May 17, 2018 at 4:16 PM Interested in the Lastest Arms Particularly Glocks Long Guns Reply Clark Kent says: May 18, 2018 at 3:13 PM Remington does not manufacture Glocks. Remington's lifeline comes as Colorado's Boulder City Council voted on Tuesday to ban "assault weapons" and bump stock devices.
Contact Us Closed Captioning Site Map > Most stock quote data provided by BATS. A Time Warner Company. Copyright 2006-2018 GateHouse Media, LLC. Remington has said its bankruptcy would not affect lawsuits against it, including one filed by the families of Sandy Hook victims. The Plan received support from over 97% of the voting Term Loan Lenders and all of the voting Third Lien Noteholders. An avid Remington customer of 50 plus years.
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Remington Outdoor Co. has emerged from bankruptcy, the company announced on Thursday morning. Remington, one of American's oldest and best-known gunmakers, exited Chapter 11 bankruptcy in less than two months, the company announced Thursday. All times are ET. Remington Outdoor Co., parent company of the Remington Arms plant in Ilion, has emerged from Chapter 11 bankruptcy, the company announced Thursday.
Remington’s bankruptcy was partly triggered by a decline in gun sales as President Donald Trump’s election eased firearm enthusiasts’ worries about increased regulation. 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. Reply VT Patriot says: May 18, 2018 at 10:52 AM Amen to that.
Required fields are marked * Comment Notify me of followup comments via e-mail Name * Email * Home Page | Recent Posts | Most Popular Recent Comments Dr. The reorganization plan, confirmed by a Delaware bankruptcy court earlier this month, converted over $775 million in debt into equity. Remington had filed for bankruptcy in March . Morningstar: © 2018 Morningstar, Inc. That decision came after Cerberus Capital Management acquired Remington in 2007 and the firearms and ammunition giant accumulated nearly $1 billion in debt.
Rem virtually didn’t spend dime on QC any more. Strangelove : No mention of Boberg, Rhino and some of Kel Tecs offerings? Remington Outdoor Co. is made up of 13 brands, including a 200-year-old rifle maker, ammunition manufacturers and silencer companies. The process was unusually fast for a corporate bankruptcy process, according to Rommel Dionisio, gun industry analyst for Aegis Capital. All Rights Reserved.
Years back, Rem was owned by Olin, and the profit was obtained by offering very good products at decent prices. Such a shame. They'll just demonize shotguns and revolvers now. McCarroll, Gene Davis, as well as third lien notes directors Ron Coburn and Ken D’Arcy. The activism of students from Parkland has renewed the debate over gun control. Factset: FactSet Research Systems Inc. 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 release states.
I’ll wait a while and see how it goes before I’ll buy another. 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. Reply Wild Bill says: May 18, 2018 at 10:19 PM @VTPat, I stand corrected. Remington Outdoor chief executive Anthony Acitelli said it was "morning in Remington country", signifying the new lease of life for the firm after it filed for bankruptcy protection in March.
Gun sales tend to rise when gun control enters the national conversation. All rights reserved. The plan received support from more than 97 percent of the voting term loan lenders and all of the voting third lien noteholders. All Rights Reserved. Remington Outdoor Company Successfully Emerges From Chapter 11 Ammoland Inc. And I don’t think I have one in the safe. The money grabbers almost destroyed this great company.
I missed a few things during those years. It essentially means that lenders will now have a significant stake in the business - based on the amounts they were originally owed. China Will ‘Significantly’ Boost U.S. The company is the subject of a class action lawsuit by family members of the victims. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors.