The company was emerging from Chapter 11 bankruptcy protection with a reorganization plan that was accepted by the Delaware bankruptcy court earlier this month, according to a company news release.
Under the plan, all common shares of Remington stock issued before the bankruptcy are canceled. The previous board of directors has expired.
The release did not mention the company’s facilities in Ilion or the approximately 1,300 people employed there. However, Anthony Acitelli, CEO of Remington, was quoted in the release. “It is morning in Remington country,” he said. “We are excited about the future — producing quality products, serving our customers, and providing good jobs for our employees.”
The release listed the reorganized company’s headquarters as Madison, North Carolina.
The plan with which the company emerged from bankruptcy converts more than $775 million of debt into equity and provides a new asset-based credit line of $193 million as well as two other loans.
“As an integral part of the plan, all trade and business claims are unimpaired and will be addressed in the company’s normal course of business,” the release said.
Contact McChesney at cmcchesney@cnybj.com