Remington Files for Chapter 11

Remington Arms, the U.S. gunmaker founded in 1816, has submitted for Chapter 11 defense in the U.S. Bankruptcy Court docket of the Northern District of Alabama.

The business listed assets and liabilities equally in the assortment of $100 million to $five hundred million. Remington mentioned it had $437.five million in sales in 2019, about half what it gained in 2016.

It is the next time in just above two a long time that Remington has submitted for Chapter 11 defense. In March 2018, the business submitted for Chapter 11 defense and declared it was trying to get to decrease its financial debt by $620 million.

Cerberus Capital Administration obtained Remington in 2007 and amassed approximately $1 billion in financial debt. It emerged from its 2018 individual bankruptcy getting minimized its financial debt by additional than $775 million. Ownership was transferred to senior loan providers.

Firearms sellers have claimed a sharp

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Briggs & Stratton Files Chapter 11 to Effect Sale

Fuel engine maker Briggs & Stratton submitted for individual bankruptcy on Monday to effectuate a sale of the business as it faces losses, pending debt payments and the coronavirus disaster.

As aspect of the Chapter 11 filing, personal equity firm KPS Capital has manufactured a $550 million “stalking horse” offer to purchase all of Briggs & Stratton’s assets. It will also provide $265 million to hold the business functioning all through the individual bankruptcy course of action.

The filing arrived soon after Briggs issued a likely-concern warning and hired restructuring advisers in May perhaps to assistance address its debt burden.

“Over the earlier a number of months, we have explored various solutions with our advisers to improve our economic placement and overall flexibility,” CEO Todd Teske explained in a news release. “The issues we have confronted all through the COVID-19 pandemic have manufactured reorganization the hard but vital and acceptable

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