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Gun Maker Remington To File Ch. 11 To Slash $700M In Debt

Law360 (February 12, 2018, 4:15 PM EST) -- Firearm maker Remington Outdoor Co. Inc. said Monday that it plans to file for Chapter 11 protection in Delaware with an agreement in hand with its creditors to slash some $700 million in debt from its balance sheet through an equity swap with term lenders and noteholders.

Remington said it reached a restructuring support agreement with creditors that hold term loans due in 2019 and holders of secured third-lien notes due in 2020 that would replace their debt with equity in a reorganized company. The term...
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