A majority of shareholders approved Remington Outdoor Company’s plan for reorganization, lifting the gun maker out of bankruptcy court, the company announced Thursday.
The plan will convert $775 million of debt into equity as the Remington was turned over to its creditors and the company will emerge from the process with $193 million in financing along with at least $155 million more available in loans.
“It is morning in Remington country,” said Anthony Acitelli, Remington’s chief executive officer, in the statement. “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”
The North Carolina gun maker, made up of more than a dozen brands, filed for chapter 11 protections in March hoping to restructure nearly $1 billion in debt.