Papers filed in a bankruptcy court in Alabama on Sunday are giving an indication of who the buyers will be as a result of the Chapter 11 auction that have been ongoing over the past few weeks. Based on the information associated with the court filings, Remington Outdoor will be broken up and sold to a handful of top bidders.
Of paramount local interest is who will purchase the Remington operation in Ilion. It appears that Roundhill Group, LLC, is in line to acquire the Ilion plant. A report in Sunday’s Wall Street Journal puts the auction bid price at $13 million dollars. Roundhill is believed to be an investment group. There are several companies that use the name Roundhill, none of them are in the gun making business.
Sturm Ruger & Co are one of the other top bidders on Remington Outdoor’s gun making business. Several other bidders are involved in Remington Outdoor’s ammunition business.
A hearing is set for Tuesday in Decatur, Alabama when Judge Clifton Jessup will weigh up the auction bids and accept the top offers.