Warm Southern Breeze

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Posts Tagged ‘Bushmaster’

Remington Files Bankruptcy

Posted by Warm Southern Breeze on Monday, March 26, 2018

Remington Outdoor Company, formerly known as Remington Arms Company, LLC, is America’s oldest firearms manufacturer, and privately-owned by Cerberus Capital Management, announced February 12, 2018, that they intended to file Chapter 11 bankruptcy protection later this year. Cerberus will relinquish ownership once restructuring is completed. Their filing was done today, March 26, 2018.

Remington’s plan will allow them to reduce debt by $700 million of their $950 million debt, contribute $145 million of new capital into their subsidiaries, and $100 million in creditor-funded money as a debtor-in-possession term loan. Planning for the bankruptcy had been announced late 2017.

The company’s unaudited returns dated February 12, 2018, show net revenue of Read the rest of this entry »

Posted in - Business... None of yours, - Read 'em and weep: The Daily News, End Of The Road | Tagged: , , , , , , , | Leave a Comment »

 
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