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Remington Outdoor Company Plan Effective

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On May 15, 2108, Remington Outdoor Company’s First Amended Joint Prepackaged Chapter 11 Plan of Reorganization became effective and the Company emerged from Chapter 11 protection.

The Court confirmed the plan on May 4, 2018. As previously reported, “Except to the extent previously indefeasibly paid during the Chapter 11 cases, Class 3 claims are deemed Allowed in the aggregate principal amount of $114,500,000, plus any pre-petition and post-petitions interest, fees, expenses, and other amounts due and owing pursuant to or secured by the terms of the ABL Facility Loan Documents as of the effective Date….The Plan, a comprehensive balance sheet restructuring, will cancel more than $775 million in debt while all trade and business claims are honored. Upon emergence, Remington will have a new Asset Based Loan (ABL) facility of $193 million, the proceeds of which will refinance the existing ABL facility in full. In addition, the Company will have a $55 million First-In, Last-Out Term Loan and a new $100 million Term Loan.” This firearms manufacturer and retailer filed for Chapter 11 protection on March 25, 2018, listing more than $920 million in pre-petition assets.

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