Fox Rothschild LLP advised the Unsecured Creditors’ Committee of Remington Outdoor Company on the deal.
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 (Picture) 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.
Involved fees earner: Laura Caplin – Fox Rothschild; Martha Chovanes – Fox Rothschild; Diana Lyn Curtis McGraw – Fox Rothschild; Robert Elgidely – Fox Rothschild; Gordon Gouveia – Fox Rothschild; Michael Herz – Fox Rothschild; Michael Menkowitz – Fox Rothschild; Bradley Rodos – Fox Rothschild; Michael Sweet – Fox Rothschild; Elizabeth Viele – Fox Rothschild;
Law Firms: Fox Rothschild;
Clients: Remington Outdoor Company;