After the shooting, Cerberus tried unsuccessfully to sell Remington, then known as Freedom Group, after coming under pressure from some of its private equity fund investors. Cerberus Capital Management, L.P. is one of the world’s leading private investment firms with over $30 billion under management.
Remington said it will receive $145 million in bankruptcy financing to fund the company through the Chapter 11 process. Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership of the company as a result of the bankruptcy. We believe that Cerberus is the ideal partner to support our continued transformation.”Craig Brooks, Managing Director of European Private Equity at Cerberus, commented, “We plan to partner with Craig Smyth, and WFS’s management team, and its 22,800 dedicated and hardworking employees, to enhance its growth and services. Cerberus Capital Management General Information Description. [nL8N1PZ001] Remington was abandoned by some of its investors after one of its Bushmaster rifles was used in the Sandy Hook elementary school shooting in Connecticut in 2012 that killed 20 children and six adults. Remington’s sales plunged 27 percent in the first nine months of 2017, resulting in a $28 million operating loss. Cerberus Capital Management is a private investment firm established in 1992. Remington plans to file bankruptcy in U.S. Bankruptcy Court in Delaware, seeking to write off about $700 million in debt.
He is the co-founder and chief executive officer (CEO) of Cerberus Capital Management.As of March 2019, his net worth is US$1.5 billion. Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership of the company as a result of the bankruptcy. Reuters had reported last week that Remington was looking for financing to file for bankruptcy. By comparison, the S&P 500 has increased by a quarter in the same period. 19.06.18 Cerberus Capital Management to Acquire Worldwide Flight Services.
Reporting by Jessica DiNapoli in New York; Editing by Tom BrownFILE PHOTO: People look over Remington rifles and shotguns during the annual SHOT (Shooting, Hunting, Outdoor Trade) Show in Las Vegas January 15, 2013.
The firm focuses on four primary strategies: operational private equity, both control and non-control; distressed securities and assets; commercial mid-market lending; and real estate-related investments. WFS has a presence in 198 airport locations in 22 countries and serves over 300 customers.“WFS is a market leader in aviation services and is positioned to benefit from attractive long-term industry growth.” said Brett Ingersoll, Head of Global Private Equity and Senior Managing Director of Cerberus. “We have an outstanding collection of brands and products, the unqualified support of a vibrant community across the industry, and a deep and powerful culture.
Colt’s Manufacturing Co LLC, a competitor of Remington, emerged from bankruptcy in 2016 following falling sales of its sports rifles and the loss of military contracts. Albertson's, Acme, Jewel-Osco, Shaw's, and Star Market chains are some of the stores owned by Cerberus Capital Management.
We will emerge from this process with a deleveraged balance sheet and ample liquidity, positioning Remington to compete more aggressively and to seize future growth opportunities,” Remington Chief Executive Officer Anthony Acitelli said in a statement. Business operations including employee wages and benefits and payments to trade creditors will continue as usual through the bankruptcy, the company said. REUTERS/Las Vegas Sun/Steve Marcus In 2015, Cerberus offered a mechanism to its fund investors that wanted to drop Remington, such as the California State Teachers’ Retirement System, to sell their stakes back to the company. About Cerberus Capital Management, L.P. The company’s creditors, which include Franklin Templeton Investments and JPMorgan Asset Management, will exchange their debt holdings for equity in the company.
If you continue to use this site we will assume that you are convenient with it. Stephen Andrew Feinberg (born March 29, 1960) is an American businessman and investor, who is active in hedge fund management and private equity.He is known for turning around struggling businesses and making them profitable.
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