Oldest US Gun Maker Remington Files For Bankruptcy

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

One of America's Largest Gun Manufacturers Just Declared Bankruptcy

Remington, which makes the AR-15 rifle used during the Sandy Hook school shooting, has seen sales flag under the Trump administration.

As for Remington, the oldest gunmaker in the United States, it was done in by lackluster sales, heavy debt tied to a 2007 leveraged buyout and lawsuits filed in the wake of the Sandy Hook school shooting.

One possible solution would be to separate Remington's profitable ammunition business from the rest of assets, the PE partner said.

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In court papers filed with the U.S. Bankruptcy Court in Wilmington and obtained by SGB Media, the company plans to exit bankruptcy proceedings as soon as May 3. Lanza murdered 26 people, mostly young children.

For Valley residents, the announcement Remington Arms had filed for bankruptcy wasn't all too much of a surprise. Still, Remington was left damaged when some investors distanced themselves from the company. But on Facebook, Mohawk Valley Rep. Claudia Tenney (R-New Hartford) said she has been in contact with Remington's team and says there will be no job losses and no plans to relocate the facility at this time. But purchases have been on the decline since the Sandy Hook shooting in CT.

An attorney from the law firm representing those family members said it does not expect the bankruptcy filing to affect its clients' case "in any material way". The families are still awaiting a Connecticut Supreme Court ruling on their appeal. With the consent of a majority of the holders of the term loans and the third lien notes, Remington Outdoor will provide a $45 million delayed draw first-out first lien term loan to the operating company. Remington has also been sued by individuals claiming some guns are defective, and voluntarily recalled some of its models.

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The bankruptcy filing comes about a month after the latest mass school shooting. A similar weapon made by Smith & Wesson was used in the February 14 shootings at Marjory Stoneman Douglas High School in Parkland, Florida.

Some national companies, including Walmart and Dick's Sporting Goods, have announced they will not sell semi-automatic weapons to anyone under the age of 21. The company, which is based in Madison, North Carolina, has been making guns for two centuries.

No one is saying what will happen to the 3,500 or so employees at Remington as it reorganizes.

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Industry observers have dubbed the current downturn in sales the "Trump slump". New York-based Cerberus acquired Remington in 2007 and saddled it with nearly $1 billion in debt.

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