Remington Outdoor wins final approval to use lenders’ cash collateral

By Caroline Salls

Pittsburgh, Aug. 21 – Remington Outdoor Co., Inc. obtained final court approval to use the cash collateral of its pre-bankruptcy lenders, according to an order filed Thursday with the U.S. Bankruptcy Court for the Northern District of Alabama.

The cash collateral will be used to fund Remington’s operations while in bankruptcy.

The company said in the motion that the cash collateral balance was $38.7 million as of July 27.

Remington’s access to cash collateral will expire 135 days after the bankruptcy filing date, or sooner if a termination event occurs.

Remington is a Huntsville, Ala.-based maker of guns and ammunition. The company filed bankruptcy on July 27 under Chapter 11 case number 20-81688.

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