Sunday, 21 October, 2018

Remington Arms, firearms manufacturer founded in Mohawk Valley, files Chapter 11

The Remington RM380 first gun to be made by the company in its new Huntsville Ala. plant is displayed at the 2015 NRA annual meeting in Nasvhille Tenn Remington Arms has filled for bankruptcy
Rosie Leonard | 27 March, 2018, 19:06

Firearms manufacturer Remington Outdoor has filed for Chapter 11 bankruptcy protection in hopes of staving off creditors amid a slump in sales and public outcry over gun violence. Remington Outdoor and other gunmakers have suffered from slumping sales in the past year and the filing comes after some big United States companies took steps to restrict firearm sales.

However, the gunmaker presumably delayed the Chapter 11 filing as it worked to line up backing from other creditors.

The restructuring agreement will allow Remington to reduce some $700 million of its consolidated debt, according to the company, as well as inject a contribution of $145 million of new capital into its operating subsidiaries. The Parkland, Fla., shooting that killed 17 has spurred an intense campaign for gun control, including marches across the country this past weekend.

Remington was once among the nation's largest gun and ammunition makers-it was founded in 1816, when there were only 19 USA states. The massacre also led to huge anti-gun rallies by more than 1 million people nationwide on Saturday.

The company's owner, hedge-fund Cerberus Capital Management reportedly intends to sell the company off once its debts have been successfully restructured.

"Remington Arms is an iconic business in our region and has employed generations of families for over two hundred years". Although the company is now headquartered in North Carolina, the Ilion facility is considered one of its most profitable manufacturers.

Remington is also still facing a class action lawsuit over the Sandy Hook shooting in Newtown, Connecticut. Historically, gun sales drop under Republican leadership because there is less fear among gun owners of stricter gun legislation supported by Democrats.

SGB Media will continue to monitor Remington's reorganization, as well as the overall trend of gun sales amid its elevated position in the national debate. Remington has filed for bankruptcy. 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's fortunes took a hit after the election of Donald Trump, a self-proclaimed "true friend" of the gun industry".

Remington Outdoor Company filed for bankruptcy protection on Sunday night, according to Reuters news service.

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