Remington Files for Chapter 11

by
posted on March 27, 2018
** When you buy products through the links on our site, we may earn a commission that supports NRA's mission to protect, preserve and defend the Second Amendment. **
remington_distribution_center_f.jpg (1)

The oldest name in American firearms officially filed for Chapter 11 bankruptcy protection March 25. The filing was made in U.S. Bankruptcy Court, District of Delaware. Brands and/or companies associated with the filing include Remington Outdoor Company Inc. (ROC), Remington Arms Company LLC, Remington Arms Distribution Company LLC, Barnes Bullets LLC, FGI Operating Company LLC, FGI Holding Company LLC, FGI Finance Inc., TMRI Inc. and RA Brands LLC.

The move was made, as expected, after ROC announced on its website Feb. 12 the formation of a “restructuring support agreement” (RSA) with various creditors. ROC is the parent/holding company of Remington Arms, Marlin, DPMS, Bushmaster, Barnes Bullets, Dakota Arms, H&R, Parker Gun, Nesika and more. ROC reported $865.1 million revenue and $18.9 net income in 2016, the latest year for which figures are available.

The RSA removes $700 million of the company’s $950 million of debt. Under its terms, lien lenders will provide $145 million in loans to fund ROC’s operations and Chapter 11 cases. First lien holders will receive 82.5 percent equity in a reorganized Remington; third lien holders will receive 17.5 percent equity.

Essentially, Cerberus Capital Management, which purchased Remington in 2007 for $118 million, will walk away with $700 million of ROC debt, and cede majority ownership to the two first lien holders: JPMorgan Asset Management and Franklin Templeton Investments.

Latest

True Shooting Doves
True Shooting Doves

A Shotgun for All Seasons: Savage Renegauge in Argentina

If you want to test a shotgun’s reliability and recoil control, you take it on a high-volume hunt. If you want that trial to more resemble torture than test, you make that a high-volume Argentina dove hunt. Read on to find out how the Savage Renegauge performed.

NRA Names Kyle Lamb as Brand Ambassador for America’s Rifle Challenge

The National Rifle Association of America (NRA) proudly announces Sergeant Major (Ret.) Kyle Lamb as a Brand Ambassador for the NRA America’s Rifle Challenge (ARC), an innovative training and competition program built around the safe and effective use of the AR-15 platform.

#SundayGunday: Banish 46-V2

On this week's #SundayGunday, we're talking about suppressors, specifically the Banish 46-V2, capable of taming nearly every gun in your safe, up to and including the big boys like .338 Lapua.

KelTec Named Official Stage Sponsor for 2025 NRA World Shooting Championship

The National Rifle Association of America (NRA) is proud to announce KelTec as an official sponsor of the 2025 NRA World Shooting Championship, returning to Camp Atterbury, Ind., from September 30 to October 4, 2025.

Thompson/Center Arms Celebrating 60th Anniversary

Thompson/Center Arms is celebrating its 60th anniversary in 2025. Since 1965, T/C Arms has built a legacy rooted in the pioneering spirit of American hunters.

Federal Ammunition Awards 2025 Tom Knapp Memorial Scholarships

Federal Ammunition recently awarded the 2025 Tom Knapp Memorial Scholarships to two 4-H shooting sports teen ambassadors: Lucy Evans from Georgia and John Bruner from Pennsylvania.

Interests



Get the best of American Hunter delivered to your inbox.