Remington Outdoor Company has been negotiating financing and restructuring of its debts with creditors in order to proceed with a bankruptcy filing. Remington is known as one of the country’s largest manufacturer of firearms.
As part of its debt restructuring with creditors, there will be a $700 million consolidation. The agreement will be filed with the U.S. Bankruptcy Court in the District of Delaware as part of Remington’s filing under Chapter 11.
Their agreed to restructuring plan will allow business to continue without any disruptions to employees and/or consumers.
The Asset Management Division of JP Morgan Chase and Franklin Resources Inc. are likely to restructure the debt and look to sell in whole or in part Remington.
Alexander Hernandez, Esq.