Post by Admin on Oct 12, 2020 0:23:42 GMT
Remington Assets to Be Split, Bidders Revealed
New Bankruptcy Court Filings
Founded in 1816, Remington is one of the oldest firearm manufacturers in the United States, producing handguns, rifles, shotguns and ammunition for military, law enforcement and civilian markets for more than 200 years. Yet, despite its storied history, Remington Outdoor Company — a family of brands that include Remington Arms Company, Marlin Firearms, Barnes Bullets, Advanced Armament Corp., Dakota Arms and others — has struggled in recent years.
In 2018, the company filed for Chapter 11 bankruptcy after falling $950 million in debt, citing lawsuits and legal fees following mass shootings and public backlash. After a quick transfer of ownership, the company restructured but has continued to struggle. In July, Remington Outdoor Company filed for Chapter 11 bankruptcy a second time in as many years, filing a motion to sell all of their assets.
Last month, U.S. Bankruptcy Court entered an order approving bidding and auction procedures, further revealing leading and backup bidders for the company’s assets. The following bids for Remington Outdoor Company assets were revealed, and have since been confirmed and finalized, in court documents:
Remington Arms Company
Confirmed Bid: Roundhill Group, LLC
Backup Bids: Huntsman Holdings, LLC; Century Arms, Inc.
Includes Remington Arms factory (Ilion, N.Y.) and handgun barrel factory (Lenior City, Tenn.), plus equipment and machinery; Remington-brand related trademarks; firearms and components inventory
Remington Ammunition
Confirmed Bid: Vista Outdoor, Inc. (Federal, Speer, CCI, etc.)
Backup Bid: SIG Sauer, Inc.
Includes asset Intellectual Property, ammunition factory (Lonoke, Ark.), plus equipment and machinery
Marlin Firearms
Confirmed Bid: Sturm, Ruger & Company, Inc. (Ruger)
Backup Bid: Long Range Acquisition, LLC (Savage Arms)
Includes asset Intellectual Property, woodworking equipment, plus other equipment and machinery
Barnes Bullets
Confirmed Bid: Sierra Bullets
Backup: Barnes Acquisition, LLC
Includes asset Intellectual Property, facility lease (Mona, UT), plus equipment and machinery
DPMS, H&R, Stormlake, AAC & Parker
Confirmed Bid: JJE Capital Holdings, LLC (Palmetto State Armory)
Bushmaster
Confirmed Bid: Franklin Armory Holdings, Inc. (Franklin Armory)
Tapco
Confirmed Bid: Sportsman’s Warehouse, Inc
Read Bankruptcy Court Filings
