Remington

[Jim Cloninger]

Remington filing for bankruptcy?

[bbman3]

Yes looks like it Jim. Bobby

[Researcher]

Randy Wakeman posted this on Shotgunworld --

Court filings and other documents related to the Court-supervised process are available at https://cases.primeclerk.com/RemingtonOutdoor. For more information, contact the Company's noticing and claims agent at (877) 755-3450 (for toll-free domestic calls) and (347) 338-6538 (for tolled international calls), or email RemingtonInfo@primeclerk.com. Court filings and claims information are available at the U.S. Bankruptcy Court website, https://www.mnb.uscourts.gov/.

[fox-admin]

Sad, it has happened multiple time to the US gun manufacturers. They load up on debt and expand beyond their core competence. Hard to imagine how poor Remington management is considering interest rates are at zero, gun sales are near all time highs and the government is showering cash on corporations.

[Silvers]

Sad, it has happened multiple time to the US gun manufacturers. They load up on debt and expand beyond their core competence. Hard to imagine how poor Remington management is considering interest rates are at zero, gun sales are near all time highs and the government is showering cash on corporations.

Besides the management, any comments on the union?

[Jim Cloninger]

I got bankruptcy documents in the mail. Anyone else?

[fox-admin]

Hopefully they will be able to reorganize the business and keep the USA firearms plants operating. It may be that the model 700 trigger and Sandy Hook law suits created liabilities that killed the company.

[Researcher]

PRELIMINARY STATEMENT 1.By this Motion, the Debtors seek authority to continue a marketing and sale process to sell all or substantially all of their Acquired Assets to maximize the value of the Debtors’ estates for their creditors. 2.Prior to the commencement of the Chapter 11 Cases (as defined below), the Debtors spent significant time and effort addressing their numerous balance sheet and operational challenges, including soliciting interest from potential investors and buyers. After exploring a number of alternative transaction structures and extensive good faith negotiations spanning approximately seven months, the Debtors are close to reaching an agreement with potential purchasers for the sale of a substantial portion of the Debtors’ assets as a going concern.

While negotiations are not quite final, the Debtors anticipate designating one or more stalking horse bidders (each, a “Stalking Horse Bidder”) for the various segments of its business shortly after the Petition Date (as defined below). 3.The Debtors commenced the Chapter 11 Cases with a view toward ensuring that the sale process for the sale of substantially all of their assets on a going concern basis maximizes the value to their estates, and best protects the interests of their employees, as well as secured and unsecured creditors. The Debtors believe that the Bidding Procedures for which they hereby seek approval are designed to maximize purchasers’ participation in the Sale while maintaining maximum optionality for the Debtors and their stakeholders and are both a valid exercise of the Debtors’ business judgment and consistent with their fiduciary obligations to their stakeholders. 4.The Debtors seek approval of a sale process that (i) is open to all potential bidders, including third parties and current holders of debt in the Debtors’ capital structure; (ii) protects the best interests of the Debtors’ estates and stakeholders; and (iii) preserves the Debtors’ right to exercise their fiduciary duties should a value-maximizing alternative materialize, including a plan of reorganization. This approach is grounded in the Debtors’ belief that conducting a fair and robust auction at this time is the most viable option to maximize the distributable value of their assets and elicit a market test of the bid offered by any Stalking Horse Bidder. Additionally, the Debtors’ secured creditors are supportive of the sale process. For all of the foregoing reasons and those set forth herein, the Debtors believe the sale process embodied in the Bidding Procedures is a valid exercise of their business judgment, is in the best interests of their estates and creditors, and should be approved.

Does "Stalking Horse Bidder" mean the owners that ran up this debt will attempt to buy the company at auction and screw the creditors? Was Philadelphia lawyer William MacGeorge, Jr. a "Stalking Horse Bidder" for Ansley H. Fox at the Sheriff's Sale of Philadelphia Arms Co. July 3rd, 1906?

[arcmaster]

I believe that it is getting harder and harder for gun companies to acquire financing. The stealth way to gun control from the left has been to freeze out financing to any gun related companies. This has been going on for several years now and is another arrow in the quiver of the anti gun crowd. They have been pressuring big banks to not extend credit or do business with gun manufacturers. There are numerous instances of this occurring. The anti gun left is very smart and very patient in how they go about getting rid of firearms. It has not worked at the ballot box, but weak kneed corporations are bowing to the pressure and divesting themselves from any firearms concerns.