Remington Outdoor Company has emerged from bankruptcy less than two months after filing for Chapter 11, according to a news release.
Remington announced plans to file for bankruptcy back in February but didn’t officially begin the Chapter 11 process until the end of March. Under Chapter 11, Remington was able to stay in business and continue making guns while restructuring its massive debt.
“It is morning in Remington country,” said Remington CEO Anthony Acitelli. “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”
According to Business Wire, the debt reconstruction plan converts $775 million of the company’s debt into equity. It also provides Remington with a new Asset Based Loan facility of $193 million, the proceeds of which will refinance its prior ABL facility in full, a new $55 million First-In, Last-Out Term Loan and a new $100 million Term Loan.
Remington, which is headquartered in Madison, North Carolina, has been operating a manufacturing plant in Ilion since 1816. More than 800 people are employed at that location, making it the biggest employer in Herkimer County.
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