Remington Outdoor, which has a facility in Huntsville, emerged from Chapter 11 bankruptcy Thursday after completing a debt-cutting deal with creditors.
Remington, America’s oldest gunmaker, filed for bankruptcy protection in March.
Under the reorganization plan, more than $775 million in Remington debt has been converted into equity. Remington also received a $193 million new lending package funded by seven banks, including Bank of America Corp.
“It is morning in Remington country,” said Anthony Acitelli, Chief Executive Officer of Remington. “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”
The facility near Huntsville International Airport employs nearly 1,000 people and makes rifles, shotguns, handguns and silencers.