How Chapter 11 bankruptcy can help dig Remington Arms out of debt

Remington, one of nation's top gunmakers, files for bankruptcy

Remington, one of the oldest gun manufacturers in the country, has filed for bankruptcy protection.

The bulk of Remington's debt comes from a $550 million loan and another $250 million in bonds, which the company had payments due in 2019 and 2020.

In the court documents, Remington Outdoor Co. It's owned by Cerberus Capital Management, which plans to shed ownership once the bankruptcy is complete.

The reputation of the Madison, NC-based firearms manufacturer took a hit in 2012 after law enforcement authorities confirmed that Adam Lanza used one of the company's Bushmaster XM15-E2S guns in the CT massacre in which he killed his mother and then went to Sandy Hook Elementary School where he killed 26 children and educators. The company, which is based in Madison, North Carolina, has been making guns for two centuries. One class action lawsuit claims the company's triggers are defectively designed and can discharge even if they're not pulled. It remains unclear what will happen to its 3,500 or so employees as it reorganizes.

Creditors will end up with a stake in the company A pre-packaged plan of reorganization is expected to be filed with United StatesBankruptcy Court in Delaware. New York-based Cerberus acquired Remington in 2007 and saddled it with nearly $1 billion in debt. That is partially because a larger percentage of guns in the USA are owned by an increasingly small group of people.

Acer Chromebook Tab 10 Launched as First Chrome OS Tablet: Price, Specifications
To give students additional ways to interact with the Acer Chromebook Tab 10 , the device comes standard with a Wacom EMR stylus. In the camera department, the tablet comes equipped with a 5MP resolution camera on the back and a 2MP camera on the front.

Another possible factor: A recent study suggests about half of privately owned guns are held by only 3% of the population - meaning changes in behavior by a small number of people can have an outsized effect on the industry.

Another firearms manufacturer, Colt, filed for bankruptcy in 2015 and Ruger's stock has plummeted. The incident sparked a protest that has influenced banks and investors as well as other entities in corporate America to review their ties to the gun industry.

The company still produces guns at a sprawling brick factory in Illion, New York, that has existed since the mid-1800s.

Some of Wall Street's heaviest hitters are stepping into the national debate on guns as investment firms ask firearms makers what they are doing about gun violence. Vista Outdoor's brands in the outdoor and cycling space include Bell, Blackburn, Bollé, Bushnell, CamelBak, Camp Chef, Giro and Jimmy Styks. About a week after the shooting in Parkland, BlackRock said it wanted to speak with the three firearms makers about their responses to the tragedy.

Related news:

Hot News

isis-killer-beheading-video-story-top Census to include controversial question on citizenship status
Mar 28, 2018 - 01:22
Democratic lawmakers had been bracing for the decision, making a point to question Ross during congressional hearings. Test surveys showed in late 2017 that some immigrants were afraid to provide information to U.S.

isis-killer-beheading-video-story-top New York Yankees: Greg Bird out 6-8 weeks following ankle surgery
Mar 27, 2018 - 18:18
Neil Walker and Tyler Austin can fill in until Bird comes back (Don't be shocked if Adam Lind finds his way back in Pinstripes). But the Mariners would've needed to keep Ford on their 25-man roster the entire season or else offer him back to the Yankees .

isis-killer-beheading-video-story-top Dublin to expel Russian diplomat after poisoning
Mar 27, 2018 - 18:16
Skripal was granted refuge in the United Kingdom following a 2010 spy exchange between the US and Russian Federation . We want to have a cooperative relationship. "This kind of multilateral expulsion is unprecedented".

isis-killer-beheading-video-story-top Hazard 'would play at left-back' for Conte at Chelsea
Mar 27, 2018 - 17:54
Courtois has returned to Chelsea from worldwide duty with Belgium due to a hamstring injury. Great news for Chelsea fans, not so good for Tottenham.

isis-killer-beheading-video-story-top History made as direct flight from Australia to United Kingdom arrives at Heathrow
Mar 27, 2018 - 17:29
For travellers coming to Perth from Melbourne, however, the total time saving for the journey to Heathrow is only about one hour. Mr Joyce said a huge amount of work had gone into optimising the experience for customers taking the trip.

isis-killer-beheading-video-story-top Rahul Gandhi fires fresh salvo at PM
Mar 26, 2018 - 02:20
Thanks mainstream media, youre doing a great job of burying this critical story, as always". It said the app gives access to users in?guest mode without even any permission or data.

isis-killer-beheading-video-story-top Trump prepares China trade sanctions, Beijing vows retaliation
Mar 26, 2018 - 02:15
Beijing said these were in response to USA tariffs on steel and aluminium imports announced by Mr Trump earlier this month. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text.

isis-killer-beheading-video-story-top DC bar offers discounted drinks during Stormy Daniels '60 Minutes' interview
Mar 26, 2018 - 02:13
"The comments come ahead of a highly anticipated " 60 Minutes " interview with Daniels that is scheduled to air Sunday night". Saturday, Clifford told The Washington Post that her work in adult films has helped her prepare for the limelight.

isis-killer-beheading-video-story-top SP friendship is unbreakable, says Mayawati
Mar 26, 2018 - 02:11
The Samajwadi Party has 47 MLAs in the Uttar Pradesh Assembly, of whom Nitin Agarwal is expected to vote for the BJP. The BSP chief also blamed the BJP for trying to blackmail her.

isis-killer-beheading-video-story-top Dillian Whyte happy to meet Deontay Wilder for WBC title talks
Mar 26, 2018 - 02:10
Promoter Eddie Hearn went further, offering up a potential date on June 16 in London. When [we] step in the ring, there is something that just sparks between me and him.

isis-killer-beheading-video-story-top Trump tweets 'top law firms' want to join his legal team
Mar 26, 2018 - 02:01
US President Donald Trump speaks during a meeting on prison reform in the Roosevelt Room of the White House in Washington, DC. Meanwhile, special counsel Robert Mueller III and his investigators have intensified their focus on Trump's actions.

isis-killer-beheading-video-story-top Netflix Adds a Warning Video to '13 Reasons Why'
Mar 25, 2018 - 01:37
However, some praised the series for raising awareness against suicide, sexual assault and bullying. The intro will be played before episodes, both as a warning to and show of support for viewers .

isis-killer-beheading-video-story-top Ricciardo given three-place grid penalty
Mar 25, 2018 - 01:35
While he did abort his ultra-soft flying lap, Ricciardo failed to slow enough and subsequently was handed the home race grid drop. Ricciardo was fifth fastest at the end of qualifying, his time of 1:23.494s just a tenth off that of team mate Max Verstappen .

isis-killer-beheading-video-story-top Cricket Australia complains about Newlands crowd after verbal abuse on players
Mar 25, 2018 - 01:34
He is the fifth South African to reach 300 test wickets after Shaun Pollock, Dale Steyn, Makhaya Ntini and Allan Donald. South Africa ended day three on 238/5 and will continue batting on Sunday at 10:00 local time or 08:00 GMT.

isis-killer-beheading-video-story-top Anthony Joshua confident of keeping his title against Parker
Mar 25, 2018 - 01:33
Joshua , who has not lost in 20 bouts, said: "Your size does cope with impact, with more robustness you can take a lot more". Joseph Parker has accused Anthony Joshua of showing a lack of respect before their heavyweight title fight.