Remington Files For Bankruptcy Amid Student-Led Gun Reform Protests
28 March, 2018, 01:30 | Author: Diane Mills
Remington and other gunmakers have suffered from slumping sales in the past year as fears of stricter gun laws have faded. The proceedings may be completed as soon as May 3, according to court papers.
Remington Outdoors, which also owns gun manufacturers including Marlin and Bushmaster, says sales in 2017 were just over $600 million, down more than 30 percent from 2016.
Leah Barkoukis at Townhall brings us the sad but predicted news that Remington Outdoor Company (better known to most of you shooters as Remington Arms) has filed for chapter 11 bankruptcy protection. Remington, which owns more than a dozen brands, followed through with plans announced last month to restructure the company's almost $1 billion debt load. Pre-bankruptcy term loan lenders will get 82.5 percent of the new parent entity, while third lien lenders will get cash and warrants.
The company has asked to forgo the usual procedure of filing a full schedule of its debts and assets and seek final approval of a plan by May 3.
Along with other manufacturers, the company was accused of manufacturing and marketing the AR-15 style rifle used by the perpetrator to kill twenty children and six adults. The private equity powerhouse still owns DynCorp International that it bought in a $1.7 billion buyout - however, it too is struggling. It was bought in 2007 by Cerberus Capital Management for $118 million. Firearms manufactured by Remington Outdoor Co. have been used during multiple mass shootings. In 2016, the MA attorney general sought information from the company on complaints and recalls, citing an investigation into its compliance with state laws and regulations on gun safety. "What Remington could be hoping is, if they settle then no court ruling would be issued and they wouldn't have to worry about an unfavorable ruling that could impact gun companies across the country or at the very least send the case back to the state court and allow discovery to begin, which they also don't want", Feldman said.
Publicly traded competitors like American Outdoor Brands, Sturm Ruger and Vista Outdoor, have all reported massive declines in sales this year. The company made its first rifle in 1816 and went on to supply the USA military during both world wars.
The move was reportedly to occur last month but the filing was delayed after the mass shooting at Marjory Stoneman Douglas High School on February 14, which killed 17 people. It now employs 3,500 people and is among the largest American manufacturers of ammunition and firearms.
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