Sunday, March 25, 2018

Another Private Equity-Backed Company Files For Bankruptcy Protection: This Time it's Remington Outdoor (né Arms)

It looks like Cerberus is going to turn the keys over to the creditors.
From The Hill:

Gun maker files for bankruptcy protection: report
Remington Outdoor Co., a major U.S. gun manufacturer, reportedly filed for chapter 11 bankruptcy protection on Sunday.

The company, which is facing mounting debt and lawsuits related to the Sandy Hook Elementary School shooting, announced last month that it would file for bankruptcy, but delayed doing so after the Florida high school shooting in February, according to the Wall Street Journal.

“We do not expect this filing to affect the families’ case in any material way," an attorney representing Sandy Hook families in their suit against the manufacturer said in a statement to The Hill.
Remington reportedly plans to hand over control of the company to its creditors....MORE
Reuters adds:
Gunmaker Remington files for bankruptcy
...It listed assets in the range of $500 million to $1 billion and liabilities in the range of $500 million and $1 billion....
So not nearly as large as Toys R Us or iHeart Media