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putz463
PostPosted: Sun Apr 01, 2018 3:23 am  Reply with quote
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Location: West MI

Since most game seasons around here are in "looking forward to" mode. Anyone care to chew the fat about Remington's reorganization? Anyone have any insights on the current news?

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Dogchaser37
PostPosted: Sun Apr 01, 2018 6:50 am  Reply with quote
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Posts: 1946
Location: Central CT

I read some stuff here and there, it mostly sounded like gossip and guesses.


Whatever happens I hope Remington stays viable.

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RedRiverII
PostPosted: Sun Apr 01, 2018 7:50 am  Reply with quote



Joined: 14 Mar 2018
Posts: 14
Location: Florida

I hope they not only survive but thrive. I'm not a student of finance but I know the name alone is worth plenty. The days of " ...they'll buy what we make." are over. Of course I refer to the Big Three back in the day, automobiles and the arrogance. I believe there are many folks who know how to reorganize, but I think what is needed here are some truly imaginative folks with new ideas. I can't really add any more besides well wishing.

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WyoChukar
PostPosted: Sun Apr 01, 2018 8:28 am  Reply with quote



Joined: 16 Jul 2015
Posts: 2124
Location: Hudson,Wy

In short, I hope the people bringing about a rebirth of the great gun maker are serious hunters, perhaps a few who use 16's. These are the kind of people I want making the decisions, people who know the chill of morning frost and the sounds of wings powering into the sky.

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Ray-citori
PostPosted: Sun Apr 01, 2018 9:12 am  Reply with quote



Joined: 05 Feb 2015
Posts: 267
Location: New Braunfels TX

I may be wrong ( I usually am) I think they need to quit trying to compete with the Turks and go back to making quality firearms like they used to.
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canvasback
PostPosted: Sun Apr 01, 2018 9:27 am  Reply with quote



Joined: 12 Mar 2012
Posts: 684
Location: Ontario

While there is no doubt Remington's quality has slipped in the last few decades, the real problem for them was being saddled by ridiculous levels of debt by Ceberus when Ceberus bought them in the 2000's.

I have worked with consumer product companies that have been bought by Ceberus, KKR, and other financial companies/hedge funds. They gut the operating company of cash, saddle it with debt and stop investing in R & D. It is a recipe for the destruction of good brands but it's a financially successful short term ploy for the owner.

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bobski
PostPosted: Sun Apr 01, 2018 10:08 am  Reply with quote



Joined: 18 Feb 2018
Posts: 621
Location: va, ct, mo

the way i understand it is..remington hasnt been remington for some time now. it seems to be mostly a subsidiary of some larger group selling russian guns with remington name on them.
i hope remington comes back home.

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16gaDavis
PostPosted: Sun Apr 01, 2018 2:25 pm  Reply with quote



Joined: 24 Jun 2013
Posts: 2062
Location: canandaigua - western n.y. (formerly deerhunter)

was a little nervous about sending them my 28ga 1100 . Started hearing about it after it left ! . Ticket communication had me send it to Illion . Then found out they shipped it to themselves in NC . While talking to them there , the Custom shop came up . Another # to SoDak as they've partnered out there with a rifle manu ,I can't remember which . After 3 diff calls from them about payment , which they already had, gun was just sent back this week . For a 100 bucks , the gun had a new mag tube , new action spring and follower , new mag spring and follower and a complete reblue . Kind of a squirrely transaction , but a virtual new 70ish 1100 ! whew !

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duckdup
PostPosted: Sun Apr 01, 2018 4:41 pm  Reply with quote



Joined: 12 Feb 2018
Posts: 258
Location: West-central Missouri

Two good articles on the Remington filing (below). Many stockholders wanted out after the various school shootings. The Remington management (under an investment company) bought up loads of shares using credit and basically overextended a bit. They are asking to restructure the debt until sales catch up to payment on debts.

https://www.nytimes.com/2018/03/25/business/remington-bankruptcy-guns.html

https://www.wsj.com/articles/gun-maker-remington-seeks-bankruptcy-protection-1522025682

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Pine Creek/Dave
PostPosted: Mon Apr 02, 2018 9:26 am  Reply with quote



Joined: 17 Mar 2017
Posts: 2786
Location: Endless Mountains of Pa

Gentlemen,

I would not put any stock in what these 2 liberal rags print about Remington, so far no real information is really available. When the real word is published in the Shooting Sportsman Magazine we will know what is going on.

Pine Creek/Dave

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duckdup
PostPosted: Mon Apr 02, 2018 6:56 pm  Reply with quote



Joined: 12 Feb 2018
Posts: 258
Location: West-central Missouri

Here is the restructuring plan. Go buy Rem shares, they're a steal (not to be confused with stocks and steel)...

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.

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Ohio Wirehair
PostPosted: Mon Apr 02, 2018 7:27 pm  Reply with quote



Joined: 24 Jul 2016
Posts: 546
Location: Ohio

I asked over on another site and didn't get a answer. Anybody hear what's gonna happen to Marlin?
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rkittine
PostPosted: Tue Apr 03, 2018 4:15 am  Reply with quote



Joined: 07 Sep 2014
Posts: 419

It is a shame to see and old, and what was trusted name in firearms production, on the ropes. AGAIN. Living in New York, I have a number of friends that were long term employees in Ilion. Fortunately they got to retire during the move. The problem is that they have been to the troth a few to many times and very few investors (not your ordinary buy a few hundred shares of stock type) are going to pile money into a business that has not produced any returns and for sure no reward to investors. Then there is the fact that the country did not end up with a Specifically Anti Gun administration, that resulted in the reduction of gun purchasing fever. This has effected way more companies than Remington. Add to that the negative press across the nation and I think investors are going to be even more "Gun Shy" (every pun intended) to invest in this industry.

I used to shoot at Lordship regularly and hated when that closed and now am a member of a private club that local residents are petitioning to get shut down. Second Amendment not withstanding, we are only still operating because we allow the local police and Coast Guard use our facilities (land own by the Town) for free which takes off some local tax burdens.

I hate to see this happen to Remington or S&W or Colt (again), but I am afraid things are much worse than ever on this front.

Bob

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