Remington Outdoor Co. saw its bankruptcy process move swiftly toward an end Wednesday when a judge said he would approve the firearms maker’s reorganization plan, which will place the company under the ownership of its creditors, WSJ Pro Bankruptcy reported. Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del., indicated he would sign off on the plan, subject to changes, despite attorneys for the U.S. trustee and Securities and Exchange Commission arguing against the broad protections offered to third parties that could shield them from future litigation. Remington’s plan was fully supported by its lenders and creditors, court papers show. In addition, the plan includes a $5 million litigation trust that could be used in the future to bring certain claims against stakeholders.
