The article says they're looking for financing that will allow it to file for bankruptcy. They owe Lazard Ltd $950 million which they are trying to restructure. They missed a coupon payment already. They have another $550 million term loan due in 2019. They have $250 million in bonds coming due in 2020 and they're trading at 16 cents on the dollar. The term loan maturing next year is trading at a discount of 50 cents on the dollar.
Their sales plunged 27 percent in the first 9 months of 2017, resulting in a $28 million operating loss.
The article says that credit rating agencies have warned that their capital structure is unsustainable given it's weak operating performance and significant volatility in the demand for firearms and ammunition.
Hoping someone with an idea of what the company might actually be worth will comment. Owing over a billion and hemorrhaging cash isn't appealing.
IMO this might be the ticket to getting them out from under Ceberus and back into the hands of gun people. Hoping for a solution similar to what happened to Smith & Wesson when Tompkins sold the company for pennies on the dollar to Safety Hammer who's management rebuilt the company and never looked back. Ceberus whored out the Remington name and it caught up with them. Reckon we'll see how this winds up playing out but I'd be happy with a complete BK and let someone else scale the company back in size and focus on quality. Maybe even spin off the Bushmaster and AR market to a new company and let Remington focus on what their original business model was. I recall after the Sandy Hook murders that Ceberus claimed that Remington (with or without Bushmaster - don't recall exactly) was 'for sale'. Appears no one with money was willing to buy the company at the price that Ceberus was wanting. Let Ruger and the off brands have the junk market...

Thinking back to the Colt situation I recall that they had been bought and sold a number of times and one article claimed that the new owners had siphoned off the cash and put the company in debt that wasn't sustainable either. Did a quick check and they had filed for bankruptcy in June of 15 and came out of it in January of 16. Article said they completed the restructuring process and came out with solid capital structure, significantly less debt, and much greater financial flexibility. Said they reduced their debt by $200 million and raised $50 million of new capital. Doesn't say how they did it though.
Remington
https://www.msn.com/en-us/news/us/exclu ... spartanntp
Colt
http://money.cnn.com/2016/01/13/news/co ... index.html