Thursday , May 17, 2018 - 12:20 PM
(c) 2018, Bloomberg.
Remington Outdoor Co. has emerged from bankruptcy, the company announced on Thursday morning.
The reorganization plan, confirmed by a Delaware bankruptcy court earlier this month, converted over $775 million in debt into equity.
The company first announced it would enter bankruptcy in February. Cerberus Capital Management acquired Remington in 2007 and the firearms and ammunition giant accumulated nearly $1 billion in debt.
Remington Outdoor Co. is made up of 13 brands, including a 200-year-old rifle maker, ammunition manufacturers and silencer companies. Certain stakeholders, some of whom haven’t been publicly identified, started putting out feelers for potential strategic buyers in April, people with knowledge of the matter told Bloomberg News at the time.
The board of directors for the reorganized company include term loan directors Alex Zyngier, George Wurtz, G.M. McCarroll, Gene Davis, as well as third lien notes directors Ron Coburn and Ken D’Arcy. According to court filings, 52 million shares of capital stock were issued, the vast majority of which are common stock.
“It is morning in Remington country,” CEO Anthony Acitelli said in a statement.
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