Remington sold their ammo division

[Maxwell]

Bankrupt Remington Gets $65 Million Offer for Ammunition Business

The firearms maker has agreed to sell its ammunition business out of bankruptcy to South Carolina-based investment firm JJE Capital Holdings for $65 million plus the assumption of liabilities, subject to better offers.

www.wsj.com

wonder if product quality will I crease?

Maxwell

 

[lash]

I can’t read more than a few paragraphs unless I subscribe to WSJ, so couldn’t finish the article. However, I hadn’t realized that Remington owned Barnes bullets.

The proposed deal covers ammunition sold under the Remington and Barnes Bullets brands and includes production facilities in Arkansas and Utah

 

[Biggie1976]

Holding group who owns Palmetto State Armory bought it.

 

[Biggie1976]

news.bloomberglaw.com/bankruptcy-law/jje-capital-bids-65-million-for-remingtons-ammunition-business


Remington Outdoor Co. Inc. has secured a $65 million initial bid for its ammunition business, setting the floor for bankruptcy auction to take place later this month.
Columbia, S.C.-based private equity firm JJE Capital Holdings LLC submitted the “stalking horse” bid, according to a notice Remington filed Tuesday in the U.S. Bankruptcy Court for the Northern District of Alabama.
Remington also said it reserved its right to give notice of a stalking horse bid for its firearms business.
Remington filed Chapter 11 July 27, just over two years after emerging from a 2018 bankruptcy that wiped $775 million of red ink from the company’s ledger. The company filed the second bankruptcy case with an intent to sell its assets.
The bankruptcy has faced some opposition, particularly from a group of families suing the arms maker for losses related to the 2012 Sandy Hook Elementary School shooting that killed 20 children and six adults.
The Sandy Hook Families said in a Sept. 1 filing that a sale free and clear of liability from their claims isn’t justified, and that Remington can successfully reorganize in light of a surge in business in 2020. The proposed sale is designed to repay only secured lenders and wash the assets of tort liabilities, they said.
Earlier in the case, the group complained of being left off Remington’s list of its largest unsecured creditors, despite being included in the company’s prior bankruptcy.
The United Mine Workers filed a separate objection Sept. 1, asserting that the proposed sale is a bad faith attempt to decimate the union’s collective bargaining agreement and retiree benefits plan without the negotiations required under the bankruptcy code.
Judge Clifton R. Jessup Jr. rejected both objections and approved Remington’s proposed bidding procedures Aug. 20.
The judge will consider approving the sale to the winning bidder or bidders at a hearing Sept. 23.
The case is In re Remington Outdoor Co., Inc., Bankr. N.D. Ala., No. 20-81688, notice filed 9/8/20.
To contact the reporter on this story: Daniel Gill in Washington at [email protected]
To contact the editors responsible for this story: Laura D. Francis at [email protected]; Roger Yu at [email protected]

 

[lash]

JJE Capital Holdings owns Palmetto State Armory and it’s affiliated companies. It seems to be a growth oriented company focusing on bringing manufacturing back to the U.S.

Portfolio Companies - JJE Capital Holdings

jjech.com

ETA: it looks like @Biggie1976 beat me to it.

 

[Biggie1976]

JJE Capital Holdings owns Palmetto State Armory and it’s affiliated companies. It seems to be a growth oriented company focusing on bringing manufacturing back to the U.S.

Portfolio Companies - JJE Capital Holdings

jjech.com

ETA: it looks like @Biggie1976 beat me to it.

No worries I just added another source that actually lets you read the article. I was actually interested in what they owned as well. Im an hr away from Columbia so good to know

 

[Maggot]

Remington Agrees to Sell Ammunition Business, Including ...
www.thetruthaboutguns.com › remington-agrees-to-sell...

1 day ago - Remington filed for Chapter 11 bankruptcy protection for the second time ... $65 million plus the assumption of liabilities, subject to better offers. ... JJE Capital Holdings has put in a bid for Remington's ammunition business. ... company is getting, & people that know hunting guns know they were good guns.

 

[supercorndogs]

Is the ammo plant shut down right now?

 

[nikonNUT]

The Lonoke plant is shuttered. They were scrapping mind boggling amounts of .22LR daily and their process control was garbage. Maybe the new owners can turn it around.

 

[LeftyJason]

Not quite sold yet. Bankruptcy court has to agree. See the update on this article.

Remington Agrees to Sell Ammunition Business, Including Barnes Bullets, for $65 Million - The Truth About Guns

Remington filed for Chapter 11 bankruptcy protection for the second time in July. That was after a failed attempt to sell the company to the Navajo Nation and despite the biggest gun-buying boom in the history of the world. Since then, the company has been trying to sell off its various brands...

www.thetruthaboutguns.com

 

[Charger442]

The Lonoke plant is shuttered. They were scrapping mind boggling amounts of .22LR daily and their process control was garbage. Maybe the new owners can turn it around.

its been that way for about 20 years. No matter what political climate we were in, if someone offered to give me 1000 rounds of Golden Bullet 22lr to shoot, id have told them "no thanks". That stuff has been trash for years.

 

[Srgt. Hulka]

Sooo...no more Remington ammo? Does that mean all those Thunderbolts I have on the shelf will now become collector's items?

 

[powdahound76]

Give em to antifa. That way we know their guns with jam!!

 

[MtnCreek]

Some of their shotshells are top shelf. The STS and Nitro 27 shells at chinamart are a great deal for quality ammo. Their gun club shells are a good deal too if you can get them at the right price. Honestly, their centerfire hunting cartridges loaded with coreloct bullets are very good at what they're made for.

 

[Charger442]

For a long time they were the only factory loaded 250 Savage ammo around. I shot a bunch of that stuff

 

[_Windrider_]

the only problem i see is, and with a few exceptions, is PSA seems to very much in line with remington. its all about quantity and not quality. they do make some decent stuff though.....my AKV-9 is awesome.

 

[hlee]

its been that way for about 20 years. No matter what political climate we were in, if someone offered to give me 1000 rounds of Golden Bullet 22lr to shoot, id have told them "no thanks". That stuff has been trash for years.

That's no lie right there. I've got a box or 2 of it around here, and have run it through one of my 10/22s. I tell my son it is malf training. I swear you can't get through a 10 round magazine without some failure. It really is the worst...

 

[Fig]

The Nickelback of .22s

 

[kortik]

That's no lie right there. I've got a box or 2 of it around here, and have run it through one of my 10/22s. I tell my son it is malf training. I swear you can't get through a 10 round magazine without some failure. It really is the worst...

I've done a lot of .22 shooting in the past.
Any Rem .22 ammo I ever tried to use never made me feel confident...
On the other hand, CCI .22 ammo was always accurate, consistent and never failed in any of my .22 LR firearms, either handguns or long guns.

 

[kenny1773]

and even though every gun is 'different' and some like this 22 ammo and some like that 22 ammo, I have never met a gun that liked golden bullet

 

[Milo 2.5]

That's no lie right there. I've got a box or 2 of it around here, and have run it through one of my 10/22s. I tell my son it is malf training. I swear you can't get through a 10 round magazine without some failure. It really is the worst...

Funny, I have never bought the bulk golden bullets, but i bought 3 - 10-22's last fall, tried the golden bullet packaged nicely in 100 packs in one, great ammo, both 40 & 36 gr. For a red dot at 50 yards, I was impressed. Right now, i wish I had cleaned the place out that I bought them from.

 

[10ring'r]

At the beginning of my .223/5.56mm days, their UMC ammo was the worst ammo, meaning f-t-f's and least accurate) that ever went thru any of my guns. Mac

 

[MtnCreek]

Not sure if they still make it, but the .22 yellow jacket was great for small/med game. Squirrel noggin accurate out of a few rifles. Hard on meat though.

 

[Srgt. Hulka]

The Nickelback of .22s

But, but, but...it says “New and Improved” right there on the side of the bucket.

Actually, I have two buckets of this stuff, but I’ve never shot any of it. I shoot the Wolf Match Target.

 

[powdahound76]

the only problem i see is, and with a few exceptions, is PSA seems to very much in line with remington. its all about quantity and not quality. they do make some decent stuff though.....my AKV-9 is awesome.

i have never really wrung out a PSA rifle.
Elfster does a lot of shooting with a couple and seems to have decent luck.

Has anyone who actually know how to use an AR shot one heavily? Say 2k rounds of varied use. Fast, get it hot, etc?

Half tempted to get a pistol kit and do a class with one, maybe in a year when ammo is a tad mroe sane.
say 3k rds in a week? Just beat the hell out of it.
wolf or maybe wolf gold if it ever gets back to $250 a case again.

 

[_Windrider_]

i have never really wrung out a PSA rifle.
Elfster does a lot of shooting with a couple and seems to have decent luck.

Has anyone who actually know how to use an AR shot one heavily? Say 2k rounds of varied use. Fast, get it hot, etc?

Half tempted to get a pistol kit and do a class with one, maybe in a year when ammo is a tad mroe sane.
say 3k rds in a week? Just beat the hell out of it.
wolf or maybe wolf gold if it ever gets back to $250 a case again.

Well for a carbine where the razors edge of accuracy isn’t required and 2 MOA is GTG I’d say they are fine. Cheap. Can build a ton of em and shoot the hell out of them. If it’s a precision rifle, aero would be the lowest I’d go but I’ll stick with ZEV.

 

[powdahound76]

Sounds good.

I wasnt looking for accuracy. They are rack grade at best.

Some folks are able to wring some accuracy from them.

Im hopeful PSA will make the deal and do great things.
At least they seem determined to support the American Citizen in our 2nd Amendment rights.

 

[Redmanss]

All the comments here simply reinforce why they went bankrupt. Again.

 

[Nimothy]

I will say one thing about psa. They always have something in stock when other dont. I’ll never buy from them again, but I have to give them that

(bought a psa ar10 upper with Midwest handgaurd years back. It was shipped with a loose barrel nut, called them asked them to send me a wrench, they declined insisted I send it back, I did. When it came back chamber was to tight wouldn’t feed, had to send it back again. They replaced the barrel, then. I mounted a aac sdn6 after 100 surprisingly accurate Supressed rounds and boom! I got an end cap strike on the first shot. Thinking I fucked the mounting somehow took it to the gun smith at my lgs (pretty well trusted place in Dallas Texas, not just the guy who puts Glock sights on, real smiths) and the threads weren’t concentric. Called psa again they asked me to send it back for the 3 time I refused bought a new barrel. Lesson learned.)

 

[PBWalsh]

i have never really wrung out a PSA rifle.
Elfster does a lot of shooting with a couple and seems to have decent luck.

Has anyone who actually know how to use an AR shot one heavily? Say 2k rounds of varied use. Fast, get it hot, etc?

Half tempted to get a pistol kit and do a class with one, maybe in a year when ammo is a tad mroe sane.
say 3k rds in a week? Just beat the hell out of it.
wolf or maybe wolf gold if it ever gets back to $250 a case again.

I’ve gotten my ”Freedom” mid-length pretty hot. Hot enough that holding the handguard with a leather glove was still hot to the touch. I do not remember having a mechanical problem with the rifle. Did a 1k round test one time over three range sessions. Ended up with a 1.5% failure rate, or 15 rounds. 5 of those were due to loading 30 rounds in a mag and ME not fully seating the mag on a closed bolt. The other 10 can be chalked up to a very dirty chamber and trigger group. Once the star chamber and trigger were quickly unclogged, I was back in business. So really it was maybe, maybe 1% failure.

The same rifle is now a dedication HD rifle.

 

[Davo308]

Didn't the Navajo recently buy out the Rem firearms division?

 

[lash]

Didn't the Navajo recently buy out the Rem firearms division?

Nope. Fell through before it got very far. That’s why they are now looking to sell off the pieces. This offer from JJE Capital Holdings is not a sale either. It is a stalking horse bid, which essentially means that it is the low bid that opens up the bidding sale.


A stalking-horse bid is an initial bid on the assets of a bankrupt company. The bankrupt company will choose an entity from a pool of bidders who will make the first bid on the firm's remaining assets. The stalking horse sets the low-end bidding bar so that other bidders can not underbid the purchase price.Jul 30, 2019

Investopedia › terms › stalkinghorse...