Remington's Bankruptcy Latest Trouble for Firearms Industry

Remington files for bankruptcy

Besides guns, it makes bullets and barrel equipment, employing 2,700 people at seven facilities in the US and exporting to 52 countries, chief financial officer Stephen Jackson said in a filing in US Bankruptcy Court in Delaware.

Remington generated $865.1 million in sales and $21.6 million in profit in Fiscal Year 2017, the last full year publicly reported, but owes approximately $958 million.

Congresswoman Claudia Tenney did release a statement after Remington declared bankruptcy, and says the company has given assurances that this filing is primarily to restructure their debt and that there will be no loss of jobs.

"From 1945 to about 9/11 (2001), the gun industry was a 3-million-to-6-million-unit-per-year business in the United States", Rafn said.

Reuters reports that Remington's creditors, including Franklin Templeton Investments and JPMorgan Asset Management, have agreed to exchange debt for equity in the company.

"Everyone thought Hillary was going to win", Dionisio said. However, the company has no plans to stop making guns, Remington confirmed Monday morning following the formal bankruptcy announcement.

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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. Associated Press/Jeff Roberson Cerberus Capital Management LP, the private-equity firm that controls Remington, will lose ownership in the bankruptcy.

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. Remington is also one of the best-known gun makers in the world. That factory, which got its start producing thousands of guns for the Army, forms the economic foundation of Ilion and much of the surrounding Mohawk Valley.

The Madison, North Carolina-based company has 2,700 employees at seven US manufacturing plants, according to court filings.

Remington is headquartered in North Carolina.

The restructuring agreement will allow Remington to reduce some $700 million of its consolidated debt, according to the company, as well as inject a contribution of $145 million of new capital into its operating subsidiaries.

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