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Remington Auctioned Off to Seven Bidders in Bankruptcy Court
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<blockquote data-quote="martinakl" data-source="post: 1989486" data-attributes="member: 74115"><p>[URL unfurl="true"]https://www.yahoo.com/finance/news/remington-auctioned-off-seven-bidders-015154516.html[/URL]</p><p></p><p>(Bloomberg) -- Remington Outdoor Co., the 200-year-old gun maker that filed for bankruptcy again in July, has been auctioned off in court.</p><p></p><p>Seven bidders will each purchase a portion of the company's businesses, according to a filing in the northern district of Alabama.</p><p></p><p>The development caps a hunt for buyers to bring in funds to pay off creditors. Cerberus Capital Management had acquired Remington in 2007, and the firearms and ammunition giant accumulated nearly $1 billion in debt.</p><p></p><p>The company said previously that it had $437.5 million in sales last year, about half the business it did in 2016.</p><p></p><p>Here are the details on the successful bidders and the Remington businesses they are buying:</p><p></p><ol> <li data-xf-list-type="ol">Vista Outdoor Inc. for its Lonoke ammunitions business and certain IP assets</li> <li data-xf-list-type="ol">Roundhill Group LLC for its non-Marlin firearms business</li> <li data-xf-list-type="ol">Sierra Bullets LLC for its Barnes ammunitions business</li> <li data-xf-list-type="ol">Sturm, Ruger, & Co. for its Marlin firearms business</li> <li data-xf-list-type="ol">JJE Capital Holdings LLC for DPMS, H&R, Stormlake, AAC and Parker brands</li> <li data-xf-list-type="ol">Franklin Armory Holdings Inc. for Bushmaster brand and some related assets</li> <li data-xf-list-type="ol">Sportsman's Warehouse Inc. for Tapco brands</li> </ol><p></p><p>For more articles like this, please visit us at bloomberg.com</p><p></p><p>Subscribe now to stay ahead with the most trusted business news source.</p><p></p><p>©2020 Bloomberg L.P.</p></blockquote><p></p>
[QUOTE="martinakl, post: 1989486, member: 74115"] [URL unfurl="true"]https://www.yahoo.com/finance/news/remington-auctioned-off-seven-bidders-015154516.html[/URL] (Bloomberg) -- Remington Outdoor Co., the 200-year-old gun maker that filed for bankruptcy again in July, has been auctioned off in court. Seven bidders will each purchase a portion of the company’s businesses, according to a filing in the northern district of Alabama. The development caps a hunt for buyers to bring in funds to pay off creditors. Cerberus Capital Management had acquired Remington in 2007, and the firearms and ammunition giant accumulated nearly $1 billion in debt. The company said previously that it had $437.5 million in sales last year, about half the business it did in 2016. Here are the details on the successful bidders and the Remington businesses they are buying: [LIST=1] [*]Vista Outdoor Inc. for its Lonoke ammunitions business and certain IP assets [*]Roundhill Group LLC for its non-Marlin firearms business [*]Sierra Bullets LLC for its Barnes ammunitions business [*]Sturm, Ruger, & Co. for its Marlin firearms business [*]JJE Capital Holdings LLC for DPMS, H&R, Stormlake, AAC and Parker brands [*]Franklin Armory Holdings Inc. for Bushmaster brand and some related assets [*]Sportsman’s Warehouse Inc. for Tapco brands [/LIST] For more articles like this, please visit us at bloomberg.com Subscribe now to stay ahead with the most trusted business news source. ©2020 Bloomberg L.P. [/QUOTE]
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