New Delaware Chapter 11 Filing – Remington Outdoor Company, Inc.

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Remington Outdoor Company, Inc., along with twelve of its affiliates and subsidiaries, has filed a petition for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 18-10684).  Headquartered in Madison, North Carolina, Remington is well-known as one of America’s largest and oldest firearms manufacturers.  According to the First Day Declaration, Remington has filed Chapter 11 as a result of numerous factors, including unsustainable debt levels, rising costs and declining sales.  Remington previously announced on February 12, 2018, that it had entered into a restructuring support agreement with its term loan lenders and third lien noteholders to support a prepackaged plan of reorganization.  According to the Disclosure Statement, the Plan will reduce Remington’s consolidated indebtedness by $700 million and contemplates a contribution of nearly $150 million in new capital.  Remington is also seeking approval of over $145 million in DIP Financing provided by Remington’s pre-petition ABL and term loan lenders, consisting of $100 million in new money and a rollup of the $45 million pre-petition bridge loan provided by Remington’s term loan lenders.  Prime Clerk LLC is the proposed claims and noticing agent.  The cases have been assigned to the Honorable Brendan Linehan Shannon.

Contact Norman L. Pernick for more information regarding this matter.  Please note, however, that Cole Schotz P.C. does not represent the debtors in these cases and cannot respond to questions directed toward the debtors.

As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.

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