Winning Bids of Remington Bankrupts Auction Announced

Over the past few years, gun maker Remington has been been in and out of bankruptcy court trying to remain solvent. Things are finally coming to a head with the announcement of the break up of the company and assets auction.

On Tuesday September 29th, a court hearing is scheduled to finalize the asset auction but a list of the companies acquiring assets has already been released ahead of the hearing.

This past week Remington employees were told not to come back to work until further notice. Many are hoping that this upcoming sale and court date will provide more clarity to their employment situation, but there is a lot of unknowns still out there.

According to the Truth About Guns, Who poured over the court documents announced the winning bids that still need to be approved by the courts.

• 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;

• Roundhill Group, LLC as the Successful Bidder pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit C with respect to the non-Marlin Firearms Business; and Huntsman Holdings, LLC and Century Arms, Inc. as the Backup Bidders thereto pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit D with respect to certain Firearms Business IP assets and Exhibit E with respect to certain non-Marlin Firearms Business inventory, respectively;

• Sierra Bullets, L.L.C. as the Successful Bidder pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit F with respect to the Barnes Ammunitions Business; and Barnes Acquisition LLC as the Backup Bidder thereto pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit G with respect to the Barnes Ammunitions Business;

• Sturm, Ruger & Company, Inc. as the Successful Bidder pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit H with respect to the Marlin Firearms Business; and Long Range Acquisition LLC as the Backup Bidder thereto pursuant to the terms of the Asset Purchase Agreement attached hereto as Exhibit I with respect to the Marlin Firearms Business;

• JJE Capital Holdings, LLC as the Successful Bidder with respect to the DPMS, H&R, Stormlake, AAC, and Parker brands;

• Franklin Armory Holdings, Inc., or its designated assignee, as the Successful Bidder with respect to the Bushmaster brand and certain related assets; and

• Sportsman’s Warehouse, Inc. as the Successful Bidder with respect to the Tapco brand.

It will be interesting to se how this all shakes out. It defiantly would be sad to see the Remington name disappear from landscapes. I am sure someone will keep it alive.

We will do our best to keep you updated as thing progress.