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Bankrupt Remington Is Firing Blanks

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Remington, one of the most popular gun maker in the world, plans to file for Chapter 11 bankruptcy protection.

The gun maker said it has reached a Restructuring Support Agreement with creditors that would it reduce its debt by $700 million and invest $145 million of new capital into its subsidiaries.

Remington's business operations will continue to operate in the normal course and will not be disrupted by the restructuring process. Payments to trade partners, employee wages and other benefits, support for customers, and an ongoing high level of service to consumers will continue without interruption.

Remington is owned by the private equity firm Cerberus Capital Management.

The company is tied to several lawsuits after its Bushmaster AR-15-style rifle was used in the Sandy Hook Elementary School Connecticut shooting that left 20 first-graders and six educators dead in 2012.

Executive Chairman of Remington, Jim Geisler, commented, "Since its founding over 200 years ago, Remington has been a uniquely American company and brand. Our longevity is owed to generations of loyal customers and hard-working employees who met challenges and delivered results. Difficult industry conditions make today's agreement prudent. I am confident this regrouping ensures that Remington will continue as both a strong company and an indelible part of our national heritage."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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