How Chapter 11 bankruptcy can help dig Remington Arms out of debt
27 March, 2018, 19:07 | Author: Austin Daniel
America's oldest gun manufacturer, Remington, has filed for bankruptcy after a weekend where millions of students marched across the US against gun violence in the wake of the Florida school shooting.
The move by Remington Arms and it's parent company Remington Outdoors is what the company's CEO says a decline in gun sales over a 12 month period.
Reutersreports that Remington's creditors, including Franklin Templeton Investments and JPMorgan Asset Management, have agreed to exchange debt for equity in the company.
That type of gun has also come under increased scrutiny in recent years by gun control advocates because of its use in mass shootings. That attack has led to huge protests around the country and a new student-led movement to tighten gun laws. Sunday, the manufacturer filed for bankruptcy due to declining sales and legal troubles over its production of the Bushmaster AR-15 rifles, the one used in the Sandy Hook School shooting in Newtown, Connecticut and potentially defective triggers on its Model 700 bolt-action rifle.
Remington employed 1,300 people in Ilion in 2014, but its workforce in Central New York today is closer to 1,000. As a result, the families of the victims sued the gun maker.
Remington plans to keep on making guns. Perhaps most significantly, having an National Rifle Association-approved Republican in the Oval Office may have actually hampered gun sales, as the Chicago Tribune has reported.
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