Author Topic: Remington Filing for Bankruptcy  (Read 7817 times)

Offline ECR

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Re: Remington Filing for Bankruptcy
« Reply #15 on: February 13, 2018, 07:49:20 PM »
Thanks. . . . . I do what I can guys.  Enjoy your evenings! 

Heading upstairs to my studio now to play some piano and sample synthesizers. They're fun!

Regards,

Eric
Makers of the NRA Shooting Illustrated: "Handgun of the Year for 2005" and receiver of an NRA Golden Bullseye Award.

Offline DDGator

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Re: Remington Filing for Bankruptcy
« Reply #16 on: February 14, 2018, 11:37:11 AM »

A lifetime warranty is only as strong as the company that offers it.

I'm doing what I can to fulfill ours when I can. . . . . . and we're not even a business any more.  ;-)

Eric R.

Of course you are.  Your company was sold to another bigger company that promised to honor the warranty.  You guys have done all you could do for your customers, and then some.

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Offline ECR

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Re: Remington Filing for Bankruptcy
« Reply #17 on: February 14, 2018, 07:21:03 PM »
Thank you Duane.
Makers of the NRA Shooting Illustrated: "Handgun of the Year for 2005" and receiver of an NRA Golden Bullseye Award.

Offline kevinqjhps

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Re: Remington Filing for Bankruptcy
« Reply #18 on: February 15, 2018, 11:10:36 AM »

A lifetime warranty is only as strong as the company that offers it.

I'm doing what I can to fulfill ours when I can. . . . . . and we're not even a business any more.  ;-)

Eric R.



Of course you are.  Your company was sold to another bigger company that promised to honor the warranty.  You guys have done all you could do for your customers, and then some.

This warranty thing I am a bit confused about. Eric helped me out with grip screws on the first R9 I owned but in the 10-12 I have owned they were all 100% reliable. If there was a better pocket gun I would own it.

I have a cousin who works at Best Buys in the return department. They are great about honoring the warranty on any product they sell. It's his job to test all the returns to see what the problems really are. He said Over 95% of returns work 100% when operated properly. I wonder how many R9 warranty issues are really gun problems?
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Offline ECR

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Re: Remington Filing for Bankruptcy
« Reply #19 on: February 18, 2018, 07:35:59 PM »
Ha haa . . . . . Funny you should say that Kevin. . . . . . answer:  Not that many. We had a lot of operator errors to fix, thank God.
Makers of the NRA Shooting Illustrated: "Handgun of the Year for 2005" and receiver of an NRA Golden Bullseye Award.

Offline offrdmania

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Re: Remington Filing for Bankruptcy
« Reply #20 on: February 19, 2018, 10:01:43 PM »
Way, way, way, back in the day, I worked at Home Depot. Back when it was privately owned still. I would work the returns desk from time to time and people would come up with all kinds of defect excuses when in reality all they had to say was they didnt want it. Back then the return policy was very lenient. Because it was a return and was listed as defective, we couldnt sell it as new and as said above; 95% of the time the item worked perfectly. There used to be some great deals on things that had phantom defects.
I picked up a used "defective" Honda lawnmower that was used maybe once for half price. I still have that lawnmower today and it has never skipped a beat.

Offline MikeInTexas

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Re: Remington Filing for Bankruptcy
« Reply #21 on: May 17, 2018, 07:20:14 PM »
Well it is being reported that Remington has pulled itself out of bankruptcy.

Quote
Press release: REMINGTON OUTDOOR COMPANY SUCCESSFULLY EMERGES FROM CHAPTER 11

    Significantly Reduced Debt Load and Interest Expense Continued Focus on Revitalization

    Madison, NC – May 16, 2018 – Remington Outdoor Company (“Remington” or “the Company”), one of the world’s leading designers and manufacturers of firearms, ammunition, and related products, announced today that it has emerged from Chapter 11 after successfully implementing its plan of reorganization (“the Plan”) previously confirmed by the Delaware bankruptcy court on May 4, 2018.

    The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company’s debt into equity. In addition, the Plan provides the Company with a new Asset Based Loan (“ABL”) facility of $193 million, the proceeds of which will refinance its prior ABL facility in full, a new $55 million First-In, Last-Out Term Loan and a new $100 million Term Loan. 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 over 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 Remington’s 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 Remington’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, Chief Executive Officer of Remington. Mr. Acitelli continued, “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 LLP, its investment banker is Lazard Freres & Co. LLC, and its financial advisor is Alvarez & Marsal. The Term Loan Lenders’ legal counsel is O’Melveny & Myers LLP and their investment banker is Ducera Partners LLC with M-III Advisory Partners, LP also advising the Term Loan Lenders. The Third Lien Noteholders’ counsel is Willkie Farr & Gallagher LLP and their investment banker is Perella Weinberg Partners LP.

    Resources:

    Court filings and claims information may be accessed at https://cases.primeclerk.com/remington/


Hopefully they will continue down the path and get back to being a great American firearms manufacturer like they once were.

.

Offline DDGator

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Re: Remington Filing for Bankruptcy
« Reply #22 on: May 18, 2018, 11:43:12 PM »

I hope you are right.  The political climate is not good right now...

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Offline ECR

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Re: Remington Filing for Bankruptcy
« Reply #23 on: May 19, 2018, 09:01:51 PM »
They'll do just fine. Been around too long to die. Good for Remington!
Makers of the NRA Shooting Illustrated: "Handgun of the Year for 2005" and receiver of an NRA Golden Bullseye Award.