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Remington Closures . . . . .
https://www.shotgunworld.com:443/bbs/viewtopic.php?f=55&t=516924
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Author:  Tidefanatic [ Tue Sep 08, 2020 12:43 pm ]
Post subject:  Re: Remington Closures . . . . .

RandyWakeman wrote:
Quote:
PLEASE TAKE FURTHER NOTICE that the hearing to approve the sale of the
Acquired Assets (the “Sale Hearing”) will be held before the Honorable Clifton R. Jessup, Jr.,
United States Bankruptcy Judge on September 23, 2020 at 10:00 a.m. (prevailing Central Time) via Microsoft Teams as set forth in the Order Scheduling and Establishing Remote Hearing Procedures for the September 23, 2020 Sale Hearing [Doc. 491] and subject to any further order of the Bankruptcy Court.



" Hearing to approve the sale of the Acquired Assets...... " , that language doesn`t sound as much as an auction as it does a preliminary step before a sale/auction. Somewhere I thought I saw an auction date of Sept. 17th? Perhaps " Sale Hearing " is the same thing as an auction?

Author:  RandyWakeman [ Tue Sep 08, 2020 3:03 pm ]
Post subject:  Re: Remington Closures . . . . .

The docs are self-explanatory and are linked on the Remington website.

Author:  dougsk [ Thu Sep 10, 2020 3:09 am ]
Post subject:  Re: Remington Closures . . . . .

The first bid for the ammo business hit the ground (link). Palmetto State Armory tie-in.

Author:  RandyWakeman [ Thu Sep 10, 2020 3:38 am ]
Post subject:  Re: Remington Closures . . . . .

The contract is here: https://www.bloomberglaw.com/public/des ... 1599726417 .

ARTICLE 1. PURCHASE AND SALE OF THE ACQUIRED ASSETS.
Section 1.1
Transfer of Acquired Assets. At the Closing, upon and subject to the terms and conditions set forth in this Agreement, Seller shall sell to Buyer, and Buyer shall acquire from Seller, all of Seller’s right, title and interest in and to the Acquired Assets free and clear of all Liens, Claims and Interests (other than Permitted Liens and the Assumed Liabilities). For all purposes under this Agreement, the term “Acquired Assets” shall (i) not include any Excluded Assets, (ii) include the Business Name and the Brand Names and (iii)mean all of the other properties, assets, Interests and rights of Seller existing as of the Closing Date, of any kind or nature, real or personal, tangible or intangible, that in each case in this clause (iii) primarily relate to the ownership, operation and management of the Business, including, but not limited to the assets listed in Section 1.1(a)to (s)below.

(a)the Arkansas Property;(b)the Utah Lease, together with all security and other deposits related thereto, prepaid rent and appurtenances thereto and associated therewith (the “Assumed Lease”);(c)all Leasehold Improvements of Seller located on the Leased Real Property that is subject to the Assumed Lease (the “Assumed Leased Real Property”);(d)all of Seller’s owned (i) equipment, machinery, furniture, fixtures and improvements, tooling and spare parts and any other tangible property located at the Arkansas Property or the Assumed Leased Real Property (including, in each case, any consumables located thereon) or that is otherwise primarily used or primarily held for use in the ownership, operation or management of the Business, including the Huntsville Owned Ammo FF&E (the “Owned FF&E”), and (ii) to the extent assignable, rights to any warranties and licenses received from manufacturers and sellers of the Owned FF&E;(e)all of Seller’s (i) equipment, machinery, furniture, fixtures and improvements, tooling and spare parts and any other tangible property located at the Arkansas Property or the Assumed Leased Real Property or that is otherwise primarily used or primarily held for use in the ownership, operation or management of the Business, including the Huntsville Leased Ammo FF&E, that are in each case leased pursuant to any Contract (the “Assumed FF&E Leases” and the equipment, machinery, furniture, fixtures and improvements, tooling and spare parts so leased, the “Leased FF&E”),

Author:  F*W*F [ Thu Sep 10, 2020 8:14 am ]
Post subject:  Re: Remington Closures . . . . .

dougsk wrote:
The first bid for the ammo business hit the ground (link). Palmetto State Armory tie-in.


They have an interesting portfolio. I had been wondering where PSA's manufacturing capability came from.

Author:  oneounceload [ Thu Sep 10, 2020 8:58 am ]
Post subject:  Re: Remington Closures . . . . .

Another forum had a thread going saying the starting bid for the ammo facilities was $65,000,000

Author:  casonet [ Thu Sep 10, 2020 9:01 am ]
Post subject:  Re: Remington Closures . . . . .

Google Remington Arms and then hit the link “news”

Author:  Tidefanatic [ Thu Sep 10, 2020 10:41 am ]
Post subject:  Re: Remington Closures . . . . .

oneounceload wrote:
Another forum had a thread going saying the starting bid for the ammo facilities was $65,000,000


JJE Capital Holdings, LLC out of Columbia, SC. Stalking horse bidder. Remington also stated that it reserved its right to name a stalking horse bidder for its firearms division.

Author:  oneounceload [ Thu Sep 10, 2020 12:52 pm ]
Post subject:  Re: Remington Closures . . . . .

I had heard that PSA was the bidder; is this JJE Capital Holdings the owner of PSA?

Author:  Tidefanatic [ Thu Sep 10, 2020 1:35 pm ]
Post subject:  Re: Remington Closures . . . . .

oneounceload wrote:
I had heard that PSA was the bidder; is this JJE Capital Holdings the owner of PSA?


I`m not certain if "owner" is the technically correct term, but PSA is indeed listed as a portfolio company of JJE Capital Holdings. Both are located in Columbia, SC.

Author:  RandyWakeman [ Thu Sep 10, 2020 1:43 pm ]
Post subject:  Re: Remington Closures . . . . .

Reuters) - Remington Outdoor Company has announced a bid for its ammunitions business from JJE Capital Holdings LLC, a South Carolina-based private equity firm, for $65 million in cash.

See also https://sgbonline.com/remington-lines-u ... -business/ .

Author:  jjas [ Thu Sep 10, 2020 6:35 pm ]
Post subject:  Re: Remington Closures . . . . .

Here's a link to JJE Capitals holdings....
porfolio

https://jjech.com/portfolio-companies/

Author:  RandyWakeman [ Mon Sep 14, 2020 1:00 pm ]
Post subject:  Re: Remington Closures . . . . .

Quote:
The JJE bid is one of a number that have been received, both for Remington as a whole and for individual business lines. Most haven’t been made public yet. The bankruptcy court has until September 17th to accumulate all bids and then will finalize the sale(s) on September 24th.

Author:  Tidefanatic [ Mon Sep 14, 2020 2:25 pm ]
Post subject:  Re: Remington Closures . . . . .

RandyWakeman wrote:
Quote:
The JJE bid is one of a number that have been received, both for Remington as a whole and for individual business lines. Most haven’t been made public yet. The bankruptcy court has until September 17th to accumulate all bids and then will finalize the sale(s) on September 24th.


Thanks for keeping us abreast on this, Randy. I can`t imagine anyone who frequents SW not being interested in the outcome of this.

That`s more than a little interesting concerning the multiple bids, both for the entire company and the individual divisions.

Author:  Dr Duk [ Mon Sep 14, 2020 2:35 pm ]
Post subject:  Re: Remington Closures . . . . .

Will we know anything on the 17th?

Author:  Tidefanatic [ Mon Sep 14, 2020 3:17 pm ]
Post subject:  Re: Remington Closures . . . . .

Dr Duk wrote:
Will we know anything on the 17th?


I wouldn`t be surprised if no word until the 24th or a couple days later, but no way to know for sure.

Author:  RandyWakeman [ Mon Sep 14, 2020 3:36 pm ]
Post subject:  Re: Remington Closures . . . . .

Nothing is final until it is final. At the earliest, it means Sept. 24 subject to court approval.

Author:  RandyWakeman [ Sat Sep 19, 2020 3:01 am ]
Post subject:  Re: Remington Closures . . . . .

https://spectrumlocalnews.com/nys/centr ... ayor-says-

Author:  Tidefanatic [ Sat Sep 19, 2020 4:37 am ]
Post subject:  Re: Remington Closures . . . . .

RandyWakeman wrote:
https://spectrumlocalnews.com/nys/central-ny/news/2020/09/17/no-buyer-yet-for-remington-arms--mayor-says-


I assume this refers to an outright purchaser of the entire company as opposed to bidders in the auction process.

Author:  RandyWakeman [ Sat Sep 19, 2020 5:08 am ]
Post subject:  Re: Remington Closures . . . . .

Tidefanatic wrote:
RandyWakeman wrote:
https://spectrumlocalnews.com/nys/central-ny/news/2020/09/17/no-buyer-yet-for-remington-arms--mayor-says-


I assume this refers to an outright purchaser of the entire company as opposed to bidders in the auction process.


No, it doesn't suggest that at all. It suggests no bidders for Remington firearms. Ilion mayor Brian Lamica could not possibly care less about Remington ammo, which looks to be already sold.

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