Remington Outdoor Company has announced a housecleaning of sorts of senior executives, starting with former Chairman of the Board and CEO George Kollitides II.

In an announcement yesterday afternoon (the release is today's TOP STORY), the company said the Company and Kollitides agreed that he would step down -immediately- "to pursue other interests" but would continue to remain as a "Senior Advisor to the Company for one year."

In most financial circles, that abrupt departure would be called "he got quit". The company announced co-lead director Jim ("Marco") Marcotuli's appointment as President and CEO and the appointment of board member James P. ("Jim") Campbell as interim Chairman of the Board.

The retirement of Remington's Chief Financial Officer, Ron Kolka, was also announced in the same announcement, although he will remain for the next 30 days to "ensure a smooth transition". A transition to whom, however, remains to be seen as the company has a search underway for a permanent CFO.

Also gone in this top-level shakeup are former Directors Walter ("Wally") McLallen and James J. Pike. The company says it "may" appoint additional directors to replace McLallen and Pike.

One new board member announced was Jeffrey ("Jeff") P. Pritchett, who will work with Kolka through his 30-day transitional period. Pritchett brings considerable financial and strategic experience to the ROC board along with a familiarity with the company and its various iterations since being acquired by Cerberus. Pritchett was Senior Operating Executive and Head of Finance/CFO practice within Cerberus Operating and Advisory Company.

Having spoken with several top execs in other gun companies, this latest move is being viewed as the company's attempt to move past some stormy recent history. That, however, might be easier said than done as two significant class actions still loom on the horizon and the calamitous recall of Model 700 rifles eating into cash flows.

And if you believe the financial reporters, it would seem there's another iconic gun maker making headlines for the wrong reasons. According to a story that moved on the Reuters financial wire yesterday, the talks between Colt Defense LLC's private equity backer, Sciens Management, and bondholders are at a standstill.

The sticking point is Sciens' insistence on retaining its equity while asking the bondholders of $250 million in Colt senior bonds to take a 55 cent on the dollar haircut. As I was told by one of the representatives of bondholders yesterday, "ain't happening, even if it means the company gets flushed (sold) in bankruptcy."

Seems Colt's predicting a radical turnaround from last year's 30 percent drop in sales, forecasting sales growth of 24 percent in 2015 and 2016.

Seeing that possibility, what Sciens has proposed is the issuance of $450 in new securities for every $1,000 of outstanding bonds. In essence, the offer is "we're giving you 45 percent of what we already owe you in new bonds - take it or lose it all."

At this point, the bondholders aren't budging and no one at Colt's talking -at least to financial reporters. But the bondholders are saying plenty.

Despite the company's having the support of Marblegate Special Opportunities Master Fund, L.P. and Morgan Stanley Senior Funding, Inc., the senior secured term lenders, a blocking group led by  Fidelity National Financial, Phoenix Investment Advisor and Wolverine Asset Management has 60% of the $250 million tranche and says the deal isn't going to happen.

There are several complicated ways the Colt situation could shake out, but barring a sudden reversal in the intransigent positions of both lender and creditor, a June 15 bankruptcy filing is the likely outcome. If/when that happens, it may well be that an asset sale - and the complicated battling involved in such a transaction- will be ahead.

But financial analysts and industry observers say that, honestly, the bankruptcy and a forced liquidation of the West Hartford, Connecticut company might ultimately work.

With an asset sale, new owners could essentially wipe the slate clean and hope that the Colt name (which is apparently valued as a significant asset by the present owners) has enough cachet that it could survive starting over.

If that wasn't enough dreary financial news, we've learned from individuals involved in the process that another company in the crowded AR-15/Modern Sporting Rifle sector is undergoing an appraisal for a sale or liquidation.

Too-early to give details, but as always, we'll keep you posted.

--Jim Shepherd