Fox Represents Unsecured Creditors’ Committee of Remington Outdoor Company in Confirmation of Chapter 11 PlanApril 16, 2021 – Press Releases
Fox Rothschild represented the Official Committee of Unsecured Creditors in the Chapter 11 bankruptcy cases of Remington Outdoor Company and 12 affiliated debtors, which made up one of America’s oldest and largest manufacturers of firearms, ammunition, and related products for commercial, military and law enforcement customers throughout the world.
After emerging from chapter 11 in May 2019 with a pre-packaged plan of reorganization, Remington quickly found itself in a liquidity crisis that led to its second bankruptcy in just over two years. Remington re-entered chapter 11 in July 2020 to sell its core business assets and non-core intellectual property, including several category-defining brands, including Remington, Marlin, Bushmaster, and Barnes Bullets. Following an eight-day Zoom auction involving over a dozen bidders in September 2020, the Bankruptcy Court approved multiple sales of Remington’s assets for the aggregate amount of approximately $157 million, while preserving many jobs and critical business relationships with vendors and suppliers nationwide.
Due to the tireless efforts of the Unsecured Creditors’ Committee, represented by Fox Rothschild LLP and Baker, Donelson, Bearman, Caldwell & Berkowitz, PC as co-counsel and AlixPartners as financial advisor, the Bankruptcy Court confirmed Remington’s Joint Plan of Liquidation on March 12, 2021. The Plan, which went effective on March 31, 2021, provides a recovery for general unsecured creditors and an interest in Remington’s remaining assets, even though the bankruptcy sales did not generate sufficient proceeds to pay secured creditors in full.
The Fox Rothschild team was led by Michael Sweet and Gordon Gouveia, and included Michael Menkowitz, Brad Rodos, Martha Chovanes, Robert Elgidely, Elizabeth Viele, Diana McGraw, Laura Caplin, Michael Herz, Stephanie Slater, and Robin Solomon.