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Remington files Chapter 11 bankruptcy

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  • AustinN4

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    Nov 27, 2013
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    I think it's a good thing. Chapter11 isn't the end of the world. Maybe someone who actually gives a damn about the company will buy it now.
    Chaper 7 of the bankruptcy code is a liquidation, Chaper 11 is a reorganization. (Agreeing with Dan)
     

    Dave68

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    Sep 4, 2014
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    That's the good news...I understand that after the financing is set up, Cerberus will no longer be in charge of Rem.
    I just don't know how they will ever make their way out from under the debt mountain, even after a reorganization.
     

    seeker_two

    My posts don't count....
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    That place east of Waco....
    Well, as an AMERICAN and past & present Remington owner, I hope they come back, bigger and better. Other than an AK-47, I own NO foreign made guns. People on the handgun forum crow and brag about their foreign made handguns, some made by companies started by NAZIS after the war. I don't care how good they supposedly are, they are not made here and there are American handguns that are just as good.
    Like HiPoint.
    ....and IMI.

    Sent from my SM-G892A using Tapatalk
     

    pitboxer

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    Sep 29, 2017
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    Cerberus grossly over-leveraged 'Marlington' - to the tune of $950 Million! Not only did QC go down the toilet (I think it's composting in the septic tank), Marlington needlessly bought Bushmaster. When a Bushmaster AR was used in Sandy Hook, several key investors pulled their cash, combined with the slow-down in the industry POOF bankrupt.
    Basically, the same thing that oftentimes happens when some big 'capital group' buys business in a specialty or boutique industry, they don't hire managers that know the industry (Cerberus reportedly fired the entire Marlin staff) which is followed by the company heading directly towards the drain.
    Hopefully somebody with some sense will buy the whole mess, and quality will return!

    Eli
    Nail. Head. Not only specialty or boutique industries but in virtually any type of business. After 40+ years in the HVAC industry "consolidators" started buying up every successful HVAC contractor. The result has been horrible for the industry and for the consumer. When the goal is to squeeze every last cent possible out of a business the result is never pretty. Another gun industry example is Smith and Wesson. After decades of buying their products I'll never buy another. That's just sad.
     

    AustinN4

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    Cerberus Hands Gunmaker to Wall Street Creditors at Tense Moment

    "Amid rage over the Feb. 14 Florida school shooting, Feinberg’s Remington Outdoor Co. is trying to pull off a swift trip through the court. The process will hand ownership of the guns-and-ammunition conglomerate from Feinberg’s private investment firm, Cerberus Capital Management, to such well-known names as Franklin Resources Inc. and JPMorgan Asset Management and their broad customer bases.

    "The soon-to-be owners, who still must line up fresh financing, won’t operate the company for long, according to people with knowledge of the matter. They’ll seek to sell it in whole or part soon after the reorganized firm emerges from bankruptcy court, the people said."

    More at: https://www.bloomberg.com/news/arti...aker-to-wall-street-creditors-at-tense-moment
     

    oldag

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    If I am not mistaken, I think some of the tax law changes discourage the highly leveraged takeovers. This should help.
     
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