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May 18th, 2018

Remington Emerges From Chapter 11 Bankruptcy

Remington emerges Chapter 11 Bankruptcy debt shares restructuring

Good news for fans of Big Green — Remington remains a going concern…

On 5/17/2018, Remington Outdoor Company (“Remington”) announced that it has emerged from Chapter 11 after successfully implementing the reorganization plan recently approved by the Delaware Bankruptcy Court. Basically, the bankruptcy proceeding has converted debt into equity allowing Remington to move forward with significantly reduced debt load and associated interest costs.

“The Plan provides a comprehensive balance sheet restructuring of the Company and converts over $775 million of the Company’s debt into equity,” stated the Remington press release.

“In addition, the Plan provides the Company with a new Asset Based Loan (“ABL”) facility of $193 million, the proceeds of which will refinance its prior ABL facility in full, a new $55 million First-In, Last-Out Term Loan and a new $100 million Term Loan.” The Plan received support from over 97% of the voting Term Loan Lenders and all of the voting Third Lien Noteholders.

“It is morning in Remington country,” said Anthony Acitelli, Chief Executive Officer of Remington. Mr. Acitelli continued, “We are excited about the future — producing quality products, serving our customers, and providing good jobs for our employees.”

Old Shared Cancelled, New Shares Issued to Previous Lenders
The bankruptcy essentially extinguished old Remington stock shares and replaced them with new shares: “As provided in the Plan, all shares of Remington’s common stock issued prior to the commencement of Remington’s bankruptcy proceeding were cancelled upon emergence, and Remington has issued new shares of common stock and, in some cases, warrants, to the holders of its previously outstanding funded debt in return for their allowed claims against Remington.”

Remington Has a Storied History
Founded in 1816 by Eliphalet Remington in New York, Remington is the oldest continuously-operating gun manufacturer in the United States. Even with its present difficulties, Remington still sells more sporting rifles and shotguns than any other American company. Remington has developed more cartridges than any other U.S. company. And it is the only American company that sells firearms AND ammunition under its own name.

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November 27th, 2013

Punkin Chunkin on TV Tomorrow — Air Cannons Aim for a Mile

Pumpkin Chunkin Air Cannon DelawareCan a pumpkin be launched over a mile? Can a gourd go super-sonic? These vital questions will be answered on Thanksgiving Day as the Science Channel covers the annual Punkin Chunkin World Championship held in Sussex County, Delaware. The previous record, set in 2011 by the Second Amendment Too Air Cannon, is 4,329.37 feet, or 0.8199 miles (1443 yards). The heavy artillery will be out in force this year — trying to break that record, and maybe hit the mile mark in the process.

Each year, competitors roll out some amazing machines designed to propel pumpkins “farther, higher, faster”. The mighty air cannons are the distance kings, but the wild and crazy devices in the torsion, trebuchet, catapult, and centrifugal divisions are impressive to watch. Many of these fearsome-looking machines replicate the designs of medieval military siege weapons.

Pumpkin Chunkin Air Cannon Delaware

Pumpkin Chunkin Air Cannon Delaware

Team Builds $168,000 Air Cannon in Effort to Go Supersonic and Chunk One Mile
With the goal of launching a pumpkin one mile, considered the “Holy Grail” of Punkin Chunkin, the American Chunker team has developed one of the biggest, baddest air cannons ever. With a new 540-horsepower compressor pumping out 500 psi of pressure, the creators of this massive cannon hope to send a pumpkin supersonic. This cannon represents an investment of $168,000 and 2800 man-hours. State-of-the art sensors are used to gauge pressure and measure the pumpkin’s speed in flight. Will the team break the sound barrier? Watch the Science Channel special to find out.

Great Video on High-Tech Air Cannon (Amazing Stuff!)

Pumpkin Chunkin Air Cannon Delaware

To catch all the Punkin Chunkin action, tune your TVs to the Science Channel on Thanksgiving Day, November 28th. At 8:00 PM Eastern, the Science Channel devotes a full hour to America’s wildest display of agricultural artillery — Punkin Chunkin. This hour-long special TV event covers the 2013 World Punkin Chunkin Championship. This fun-filled event, held near Bridgeville, Delaware each November, draws up to 70,000 spectators, raising money for charity. The Punkin Chunkin special is hosted by Tory Bellici, Kari Byron, and Grant Imhara from Mythbusters. Like Big Guns? View Chunkin Air Cannons Gallery.

Fly Like a Pumpkin — Pumpkin POV In-Flight Video

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November 24th, 2011

Punkin Chunkin Championships Tonight on Discovery Channel

Need a fun and entertaining break from boring parade broadcasts, and post-feast kitchen duties? Then tune your TVs to the Discovery Channel tonight. At 8:00 PM Eastern, the Discovery Channel (and Discovery’s Science Channel) devote a full hour to America’s wildest display of agricultural artillery — Punkin Chunkin. Discovery’s hour-long special (repeated at 9:00 pm tonight) covers the 2011 World Punkin Chunkin Championship. This fun-filled event, held in Delaware each November, draws up to 70,000 spectators, raising money for charity. For the first time, the Punkin Chunkin special is hosted by Tory Bellici, Kari Byron and Grant Imhara from Mythbusters. View Chunkin Cannons Gallery.

At the annual Punkin Chunkin event, teams challenge each other to see how far they can fling a pumpkin, using some amazing contraptions — giant crossbows, Trebuchets, spinning turntables, and gigantic air cannons with 100-foot-long barrels. For the chunkin machine-builders, this is serious business. Many teams work all year on their entries. Tune in tonight to view the spectacle. Believe it or not, the largest air cannons have shot pumpkins over 5,000 feet — nearly one mile.

pumpkin punkin chunkin chunking

Air Cannon Pumpkin Punkin Championship Second Amendment

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