April 21, 2018 5:51 PM ET

Aerospace and Defense

Company Overview of Remington Outdoor Company, Inc.

Company Overview

Remington Outdoor Company, Inc. manufactures and markets firearms, ammunition, and related products for commercial, military, and law enforcement customers worldwide. The company operates through two segments, Firearms and Ammunition. The Firearms segment designs, manufactures, imports, and markets various sporting shotguns, rifles, handguns, modular firearms, and airguns primarily under the Remington, Marlin, Bushmaster, DPMS, Parker, and Dakota brand names. The Ammunition segment designs, manufactures, and markets sporting ammunition and ammunition reloading components. This segment produces various SKUs of ammunition (loaded rounds and components) in approximately 60 calibers and gauges f...

870 Remington Drive

P.O. Box 1776

Madison, NC 27025

United States

Founded in 1816

3,000 Employees

Phone:

336-548-8700

Key Executives for Remington Outdoor Company, Inc.

Interim Chairman, Chief Executive Officer and President
Age: 57
Chief Financial Officer and Executive Vice President
Age: 49
Executive Vice President and General Counsel
Age: 51
Chief Human Resources Officer and Executive Vice President
Age: 50
Director of Public Affairs and Relations
Compensation as of Fiscal Year 2017.

Remington Outdoor Company, Inc. Key Developments

Remington Outdoor Company, Inc. Announces Resignation of Steve Jackson, Chief Financial Officer and Board of Directors, Effective April 19, 2018

Remington Outdoor Company announced the resignation of Steve Jackson, Chief Financial Officer, to assume a similar position at a different company. Steve Jackson will continue in his current role through April 19, 2018 at which time he will also resign from the Remington Board of Directors. Until a new Chief Financial Officer is appointed, the Company intends to fulfill the role’s obligations with its existing team. In addition, Joe Sciametta of Alvarez & Marsal North America, LLC will continue to support the company in its reorganization efforts.

Joint Pre-Packaged Plan of Reorganization with related Disclosure Statement Filed by Remington Outdoor Company, Inc.

Remington Outdoor Company, Inc. filed a Joint pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on March 25, 2018. As per the plan filed, administrative claims, professional fees, priority tax Claims shall be paid in full in cash. Allowed term DIP claim shall, in full and final satisfaction for its allowed claim, have such allowed term DIP claim replaced with obligations in an amount equal to such allowed term DIP claim under the RSA term loan facility or repaid in full in cash with the proceeds of an alternative new term loan facility. Allowed ROC DIP Claims, shall, in full and final satisfaction for, such Allowed claim 17.5% of the New Common Units of Reorganized ROC, plus Cash in an amount equal to all accrued and unpaid postpetition interest on the ROC DIP Facility. Allowed ABL DIP Claim shall receive, in full and final satisfaction for each such Claim, consideration equal to the Allowed amount of such Claim in Cash on the effective Date. Priority Non-Tax Claims shall be paid in full in cash. Other Secured Claims will receive $12.50 million paid full in cash. ABL Facility Claims will receive $114.50 million shall receive, in full and final satisfaction, of such Claim, consideration equal to the Allowed amount of such Claim, in Cash, on the Effective Date.Term Loan Claims will receive $221.84 million shall receive its Pro Rata share of 82.5% of the New Common Units, to the extent such holder is an Electing Term Loan Lender, its Pro Rata Class 4 Shares of either the Litigation Trust Class A Interests, or any amounts allocated for distribution to the Electing Term Loan Lenders under a Litigation Settlement, and to the extent not previously paid to the Term Loan Lenders in accordance with the terms of the Interim DIP Order, Cash in an amount equal to the approximately $2.67 million interest payment that was due to the Term Loan Lenders on February 1, 2018. Third Lien Notes Claims will receive $100.80 million shall receive, its Pro Rata share of the ROC DIP Distribution, the Third Lien Noteholder Cash Distribution, the New Warrants, and to the extent such holder is an Electing Third Lien Noteholder, its Pro Rata Class 5 Shares of either the Litigation Trust Class B Interests, or any amounts allocated for distribution to the Electing Third Lien Noteholders under a Litigation Settlement. General Unsecured Claims will receive $163 million paid full in cash. Intercompany claims shall have its Claim be paid, reinstated, or cancelled, to the extent determined appropriate by the Remington Entities, or receive such other treatment that renders such holder Unimpaired. Settled Intercompany Claims and Interest in ROC holder will receive no distribution under the plan, and Intercompany Interests will be reinstated. The plan shall be funded through cash on hand, Issuance of New Common Units and New Warrants, New ABL Facility, New Term loan and New FILO Term Loan Facility.

Remington Outdoor Company Announces Restructuring Support Agreement with Creditors

Remington Outdoor Company announced that it has reached a Restructuring Support Agreement (RSA) with creditors holding a majority of the FGI Operating Company, LLC (FGI OpCo) Term Loans due in 2019 and 7.875% Senior Secured Notes due in 2020 (the Third Lien Notes) (collectively, the Consenting Creditors). The RSA provides for the reduction of approximately $700 million of Remington's consolidated outstanding indebtedness and the contribution of $145 million of new capital into Remington's operating subsidiaries, markedly strengthening the company's consolidated liquidity, balance sheet, and long-term competitiveness. The RSA, subject to certain conditions, represents the commitment of the Company and Consenting Creditors to support a comprehensive restructuring of Remington's existing funded indebtedness. The balance sheet restructuring will be effectuated through a pre-packaged joint plan of reorganization to be filed in the United States Bankruptcy Court for the District of Delaware in connection with the Company's filing of voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. Remington's business operations will continue to operate in the normal course and will not be disrupted by the restructuring process. Payments to trade partners, employee wages and other benefits, support for customers, and an ongoing high level of service to consumers will continue without interruption. Key elements of the RSA and balance sheet restructuring are: All existing unsecured and priority claims of Remington Outdoor Company and each of its subsidiaries (other than funded debt claims) will be unimpaired, including trade payables. With the consent of a majority of the holders of the Term Loans (the Term Loan Lenders) and the Third Lien Notes (the Third Lien Noteholders), Remington Outdoor Company will provide a $45 million delayed draw first-out first lien term loan (the First-Out Term Loan) to FGI OpCo. This facility will roll into a debtor-in-possession term loan upon the Chapter 11 filing (the ROC DIP Term Loan). The Consenting Creditors will provide a $100 million debtor-in-possession term loan (the DIP Term Loan) to fund the company's Chapter 11 Cases. Upon exiting bankruptcy, the DIP Term Loan will be converted into an Exit Term Loan. The company will arrange a new asset-based loan (ABL) facility at emergence, the proceeds of which will refinance the existing ABL facility in full. The Term Loan Lenders will equitize their claims and receive 82.5% of the equity in Reorganized Remington. These lenders will also receive their Pro Rata share of $2.67 million in cash at emergence. The Third Lien Noteholders will receive 17.5% of the equity in Reorganized Remington through the equitization of the ROC DIP Term Loan, and 4-year warrants for 15% of the equity in Reorganized Remington at a strike price to be derived at emergence based on a $700 million enterprise value. The Third Lien Noteholders will also receive their pro rata share of the remaining cash at Remington Outdoor Company. The RSA may be terminated upon the occurrence of certain events, including the failure to meet specified milestones relating to the filing, confirmation, and consummation of the restructuring.

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