America's oldest gun maker files for bankruptcy protection

Remington rifle cartridges are displayed at the 35th annual SHOT Show in Las Vegas

Remington rifle cartridges are displayed at the 35th annual SHOT Show in Las Vegas

Headquartered in North Carolina, Remington dates to 1816, making it one of the nation's oldest gunmakers. "We have been through that here in the Mohawk Valley at Remington Arms". It is true that as public sentiment is turning strongly against the gun industry, retailers have begun restricting sales of guns and the new government spending bill contains new gun control provisions. Its owner, the private equity firm Cerberus Capital Management, has said it will give up that ownership once restructuring is complete.

Despite being one of the best-known gunmakers in the world, Remington found itself drowning in massive debt, falling back on a Chapter 11 filing to reduce its liability by $620 million. That weapon was a Smith & Wesson, made by a unit of American Outdoor Brands Corp.

Remington, founded more than 200 years ago, manufactures the Bushmaster AR-15-style rifle that was used in the 2012 Sandy Hook mass shooting that left 26 dead.

The gun maker has been dealing with a heavy debt load and slumping sales, as well as lawsuits from families of the victims of the mass shooting at Sandy Hook Elementary.

Mayor Terry Leonard says, "Last fall when they did the furloughs, I did get a call from Remington, it was due to the inventories on the shelves and the overproduction and the slow sales". But many say it's not the gun debate that's causing the rollback of Remington, it's the cost of business in New York State that driving them out.

Lionel Messi ruled out of Argentina's friendly against Spain with hamstring injury
If he is not right, it's not convenient for him to play". "It's tougher for us to play in that area". At Juventus he plays just like me, we look for the same spaces.

But legal experts said beyond stopping litigation against the company, the filing raises the question about what unsecured creditors, such as the families, could be awarded should they eventually win a judgment against Remington.

Remington's creditors, which sources told Reuters include Franklin Templeton Investments and JPMorgan Asset Management, will exchange their debt holdings for Remington equity.

Remington's bankruptcy is evidence that gun manufacturers aren't impervious juggernauts, but it's also a reminder that they're wealthy enough to enjoy their own set of rules and protections.

The filing comes after a February 14 shooting at a Parkland, Florida, high school that killed 17 and spurred an intense campaign for gun control by activists. New York-based Cerberus acquired Remington in 2007 and saddled it with nearly $1 billion in debt.

"Remington has reassured our office that the Chapter 11 filing is exclusively for the goal of restructuring debt to equity", she said in a statement Monday.

Recommended News

  • Yankees' Greg Bird to have ankle surgery, miss 6-8 weeks

    Yankees' Greg Bird to have ankle surgery, miss 6-8 weeks

    He's also a multi-positional player, having appeared at first, second and third base for various teams throughout his career. But Bird continues to be plagued by injuries - and he's headed under the knife once more .
    Shahzad shines as Afghans beat WI by 7 wkts in final

    Shahzad shines as Afghans beat WI by 7 wkts in final

    Ireland , along with Afghanistan , were given Test status a year ago and play their first game against Pakistan in May. Overall, he played in eight Tests against Zimbabwe, scoring 498 runs with 175 as his highest.
    Apple Siri, how can you be so 'silly'

    Apple Siri, how can you be so 'silly'

    The bug might be particularly concerning to iPhone X users, as there is a feature that hides notifications away from other users. Apple is always quick to come up with fixes for bugs that are highly publicized or those that gain a lot of media attention.
  • UP legislators vote in RS polls, counting yet to start

    UP legislators vote in RS polls, counting yet to start

    In fact, not one Congress leader indulged in cross voting which should make newly elected party president Rahul Gandhi proud. Congress with six MLAs was banking on support of JMM (18), JVM (2) and support of independents and other regional parties.

    Kansas holds off Clemson to reach Elite Eight

    The Tigers also needed a productive game from Elijah Thomas but he finished with four points and eight rebounds in 27 minutes. I've always thought that. "That was the most physically demanding, mentally draining 40 minutes we've played in a long time".
    Storm forecast to bring up to 9 inches of snow to IL

    Storm forecast to bring up to 9 inches of snow to IL

    Forecasters said any shift in the storm's track will change snowfall amounts and the type of precipitation some areas receive. Slowdowns were reported on Long Island's Montauk, Port Jefferson and Ronkonkoma lines, according to the railroad's website.
  • Commerce Dept. to include citizenship question on USA  census

    Commerce Dept. to include citizenship question on USA census

    In a statement , the Commerce Department pointed to previous census questions as justification for the shift. He also said some opponents didn't realize the question used to be standard on the Census.
    Pitt To Hire Duke Assistant Basketball Coach Jeff Capel

    Pitt To Hire Duke Assistant Basketball Coach Jeff Capel

    Duke associate head coach Jeff Capel has agreed to be the next head coach at the University of Pittsburgh, according to ESPN . His opening stint with the Rams went well, especially for being the youngest head coach at the time, 27-years-old.

    American golfer Justin Thomas one matchplay win away from world No 1

    Noren now has won seven of his last eight matches in his event, his only loss coming to Johnson in the quarterfinals past year . But then Wiesberger holed a 20-foot putt for birdie, Hadwin missed his par putt from 12 feet and Kisner won the group.
  • AAP govt unveils 'green budget' in bid to improve Delhi's air quality

    AAP govt unveils 'green budget' in bid to improve Delhi's air quality

    Restaurants will be given a subsidy of Rs 5,000 per tandoor to replace coal-based ones with electricity or gas-based variants. Some of the other measure announced were- Rs 35 crore allocation for two schemes to promote sportsperson in Delhi .
    Trump Rebuffs Notion He Can't Assemble Top Legal Team

    Trump Rebuffs Notion He Can't Assemble Top Legal Team

    While Sekulow still works for Trump, he is best known as an advocate for conservative religious causes, not as a defense attorney. He added that "fame & fortune will NEVER be turned down by a lawyer", though he did acknowledge that "some are conflicted".
    Classrooms equipped with buckets of rocks to stone shooters

    Classrooms equipped with buckets of rocks to stone shooters

    According to ABC, ALICE protocol involves evacuating students and barricading classroom doors for those who can't safely leave. Still, Blue Mountain has an employee on site who's trained and certified as school security and who also carries a weapon.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.