Monday, 20 May 2019

Remington emerges from bankruptcy, clears $775 million debt

Remington emerges from bankruptcy, clears $775 million debt


A fan checking out a Remington rifle at the company’s booth during the 2018 NRA convention in Dallas. (Photo: Daniel Terrill/Guns.com)

A majority of shareholders approved Remington Outdoor Company’s plan for reorganization, lifting the gun maker out of bankruptcy court, the company announced Thursday.

The plan will convert $775 million of debt into equity as the Remington was turned over to its creditors and the company will emerge from the process with $193 million in financing along with at least $155 million more available in loans.

“It is morning in Remington country,” said Anthony Acitelli, Remington’s chief executive officer, in the statement. “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”

The North Carolina gun maker, made up of more than a dozen brands, filed for chapter 11 protections in March hoping to restructure nearly $1 billion in debt.

The post Remington emerges from bankruptcy, clears $775 million debt appeared first on Guns.com.

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