Creditors that are planning to seize control of the cash-strapped maker of Remington guns are already looking for an exit, Bloomberg News reported. Lenders including Franklin Resources Inc. and JPMorgan Chase & Co.’s asset management arm will become owners of a reorganized Remington Outdoor Co. as part of a plan they reached this month with the company and its private equity owner, Cerberus Capital Management. But the creditors will almost immediately be looking for a buyer for some or all of the gun manufacturer. The group has already received some expressions of interest from potential corporate buyers, although no formal sales process has begun. Remington and its creditors are planning a quick trip through bankruptcy court that would seek a judge’s approval just 45 days after the Chapter 11 filing, which is expected to happen by March 7, according to documents posted on the company’s website.
