As extensions on its lending covenants have been expiring, Remington has reached an agreement with its key lenders that will essentially swap debt for equity while paying off unsecured and priority creditors in full and will also provide additional financing for the company as it enters and exits Chapter 11 proceedings. Under terms of the deal, the first lien term holders will receive 82.5% of the equity and the third lien noteholders will get the remaining 17.5% of the company with warrants for an additional 15% of the reorganized Remington. The deal will effectively eliminate the interest held by Cerberus, ... Log in to view full article.