Refusing to pay severance and accrued vacation hours seems mighty wrong, but it was a bankruptcy. Hope Roundhill can get the plant back up and running soon.
Remington was swimming in debt before Cerberus Capital bought them. Before the company moved to Alabama it owed $828 million. However, Cerberus made some blunders as it attempted to restructure the debt and tried to capitalize the new facility. When the market softened after Trump's win and before the liberal terrorists took to our streets, they had no chance.
Cerberus bought Remington a few years but the end was predictable.
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Just Remember, We ALL Told You So.
Posts: 22442 | Location: Occupying Little Minds Rent Free | Registered: 04 October 2012
But I'll bet the executives got paid plenty to drive that truck into the ditch! Then they'll move on to another company and do it again.
quote:
Originally posted by Opus1: Remington was swimming in debt before Cerberus Capital bought them. Before the company moved to Alabama it owed $828 million. However, Cerberus made some blunders as it attempted to restructure the debt and tried to capitalize the new facility. When the market softened after Trump's win and before the liberal terrorists took to our streets, they had no chance.
Cerberus bought Remington a few years but the end was predictable.
Posts: 2624 | Location: SC,USA | Registered: 07 March 2002
I got this info from a fellow that is a head honcho for SAAMI. Rem is close to 1/3 of the ammo manufactured, under the Rem name and ammo loaded for others. Rem has such poor credit, no raw material sellers will deal with them. That makes Rem one of the main reasons for the ammo shortage going on.
Remington's ammo operation went to a different buyer, Vista, if the court approved this part of the breakup.
The bankruptcy court still needs to approve the successful bids, but they are as follows:
• Vista Outdoor, Inc. as the Successful Bidder pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit A with respect to the Lonoke Ammunitions Business and certain IP assets; and SIG Sauer, Inc. as the Backup Bidder thereto pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit B with respect to the Lonoke Ammunitions Business;
If Vista owns RCBS + Speer then they own CCI so that is where the primers are going. I was aware that they are under contract to fulfil the ammo mfgs. before sale to the public, + with all the craziness going on now + ammo sales being hard to find, primers are even more so.
