Pachulski, Milbank Ride Shotgun in Remington Bankruptcy

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By Daniel Gill

Laura Davis Jones of Pachulski Stang Ziehl & Jones LLP, Wilmington Del., and Gregory A. Bray of Milbank, Tweed, Hadley & McCloy LLP, Los Angeles, are at the helm of Remington Outdoor Company’s Chapter 11 bankruptcy case pending in the U.S. Bankruptcy Court for the District of Delaware.

On March 25, Remington and 12 subsidiaries filed their cases together with a “prepackaged” plan of reorganization. According to papers filed with the court, the company has assets and liabilities in the $100 million to $500 million range.

A majority of the company’s stakeholders have agreed to a Restructuring Support Agreement, setting the road map for the company’s bankruptcy reorganization, according to the papers.

The prepackaged plan will eliminate $620 million from the company’s balance sheet and leave it in a stronger period to continue as one of the oldest firearms and ammunition companies in the U.S., according to papers filed in the case.

Under the proposed plan, all general unsecured creditors will be paid in full.

Jones is a name partner of the bankruptcy firm Pachulski Stang Ziehl & Jones. The firm has three offices in California and an office in New York, besides its Wilmington office.

Jones was debtor’s counsel in the recent American Apparel case, and also represented debtors in Emerald Oil, Deb Stores, Cache Inc., Exide Technologies and Magnum Hunter Resources, among others.

She is a member of the American Bankruptcy Institute, and was the founding chair of ABI’s Mid-Atlantic Bankruptcy Workshop, according to Pachulski’s website.

Gregory Bray is a partner in Milbank’s Financial Restructuring Group and has represented debtors and creditors in Chapter 11. He represented the creditors committees in the Lehman Brothers and Breitburn Energy Partners cases.

Among other examples of representations listed on Milbank’s website, Bray has represented lenders in the Delta Airlines and Northwest Airlines reorganizations and an investor in General Motors’ restructuring.

Neither firm has filed an application to approve its employment as debtor’s counsel as of mid-day, March 26. All counsel for debtors in Chapter 11 must be approved by order of the court.

The case is Remington Outdoor Company, Inc. , Bankr. D. Del., 1:18-bk-10684, 3/25/18 .

To contact the reporter on this story: Daniel Gill in Washington at dgill@bloomberglaw.com

To contact the editor responsible for this story: Jay Horowitz at jhorowitz@bloomberglaw.com

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