Remington Outdoor Company emerged from Chapter 11 after successfully implementing its plan of reorganization. The company is exiting with a new $193 million ABL loan, a new $55 million FILO term loan and a new $100 million term loan.
According to a related court filing, Bank of America is serving as administrative agent for the ABL. Ankura Trust is serving as agent for the FILO facility and the term loan.
The plan provides a comprehensive balance sheet restructuring of the company and converts more than $775 million of the company’s debt into equity. As an integral part of the plan, all trade and business claims are unimpaired and will be addressed in the company’s normal course of business. The plan received support from more than 97% of the voting term loan lenders and all of the voting third lien noteholders.
As provided in the plan, all shares of Remington’s common stock issued prior to the commencement of its bankruptcy proceeding were cancelled upon emergence, and Remington has issued new shares of common stock and, in some cases, warrants, to the holders of its previously outstanding funded debt in return for their allowed claims against Remington. The term of the company’s previous board of directors expired upon emergence and a new board of directors shall be appointed immediately.
“It is morning in Remington country,” said Anthony Acitelli, Remington CEO. “We are excited about the future – producing quality products, serving our customers and providing good jobs for our employees.”
Remington’s legal counsel is Milbank, Tweed, Hadley & McCloy, and its investment banker is Lazard Freres. Its financial advisor is Alvarez & Marsal. The term loan lenders’ legal counsel is O’Melveny & Myers, and their investment banker is Ducera Partners, with M-III Advisory Partners also advising. The third lien noteholders’ counsel is Willkie Farr & Gallagher, and their investment banker is Perella Weinberg Partners.
