Bloomberg Law’s® Bankruptcy Law News publishes case summaries of the most recent important bankruptcy law decisions, tracks major commercial bankruptcies, and reports on developments in bankruptcy...
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 firstname.lastname@example.org
To contact the editor responsible for this story: Jay Horowitz at email@example.com
Copyright © 2018 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)