The U.S. Bankruptcy Court approved Remington Outdoor’s restructuring plan, with the company anticipating an emergence from Chapter 11 by the end of May.

The plan will cancel more than $775 million in debt while all trade and business claims are honored. The plan received support from more than 98% of the voting term loan lenders and all of the voting third lien noteholders. Upon emergence, Remington will have a new $193 million ABL facility, the proceeds of which will refinance the existing ABL facility agented by Bank of America in full. The company will also have a $55 million FILO term loan and a new $100 million term loan.

“We are very pleased to have the support of our customers, suppliers, creditors and owner in reaching this milestone,” said Anthony Acitelli, CEO of Remington.

According to a Reuters report, in exchange for forgiving debt, some of Remington’s creditors, including JPMorgan Chase and Franklin Advisors, will take ownership stakes in the company. Reuters also said the equity held by Cerberus Capital Management will be given up in the restructuring.

Remington’s legal counsel is Milbank, Tweed, Hadley & McCloy. Its investment banker is Lazard and its financial advisor is Alvarez & Marsal. The term loan lenders’ legal counsel is O’Melvany & Myers, and their investment banker is Ducera Partners. The third lien noteholders’ counsel is Willkie Farr & Gallagher and their investment banker is Perella Weinberg Partners.