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Remington Bankruptcy Objections Filed

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The U.S. Trustee assigned to the Remington Outdoor Company case and the SEC filed with the U.S. Bankruptcy Court separate objections to the Company’s Joint Prepackaged Chapter 11 Plan of Reorganization.

The Trustee asserts, “The Debtors’ Plan is not confirmable because it provides for non-consensual releases to be given by all of the Debtors’ current and former employees, as well as many other parties affiliated with the Debtors, or affiliated with other Releasing Parties. It does not appear that any of these employees or other affiliated parties (a) had the right to vote or to otherwise opt-out of giving releases, (b) are receiving any distribution under the Plan, or (c) received notice that they would be giving releases. The confirmation hearing notice (if it was served on the employees and other affiliated parties) did not include any reference to releases, other than those to be given by the ABL Facility Lenders.”

In addition, “The Debtors’ Plan is also non-confirmable because it does not provide that the Litigation Trust created by the Plan, which will be making certain Plan distributions, will be responsible for reporting its disbursements or paying statutory fees that are mandated under 28 U.S.C. section 1960(a)(6). Finally, the injunction provision in the Plan enjoins the assertion of the defense of recoupment, which, under Third Circuit law, is to be preserved.”

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