Cheyenne Gun Trade on Remington Bankruptcy

Remington One of America's Oldest Gun Makers Files for Bankruptcy

The company will continue to operate while under bankruptcy protection.

Publicly traded competitors like American Outdoor Brands, Sturm Ruger and Vista Outdoor, have all reported massive declines in sales this year.

Remington's reputation also took a hit when the loved ones of those killed in the 2012 Sandy Hook, Connecticut, school massacre, filed a class action suit charging the company's marketing of its Bushmaster AR-15 assault rifle, the firearm used by the killer, was responsible for the shooting.

Families of the Sandy Hook victims sued Remington, claiming the manufacturer bore some responsibility for the attack. Still, Remington was left damaged when some investors distanced themselves from the company.

According to company history, Remington II "handcrafted his first rifle barrel at his father's forge, and carried it to Utica to have a local gunsmith fabricate it into a flintlock rifle". Lawsuits coupled with sagging sales that set into motion the company's decision to pursue Chapter 11 protection, as announced February 12.

"I have been a strong supporter of Remington Arms and its hardworking employees and I will continue to offer support to Remington and the families impacted during this time". "Once Remington successfully undergoes the Chapter 11 process, it will emerge more streamlined and stable for the future", said Congresswoman Claudia Tenney. Cerberus Capital Management LP will lose ownership in the bankruptcy. Federal Bureau of Investigation firearm background checks also reflected the dip.

TSLA) — Tesla Inc (NASDAQ
The losses this week were worse, and shareholders are hoping for hints the sanctions on China are more of a negotiating tactic. Welles Wilder, the Relative Strength Index (RSI) is a momentum oscillator that gauges the speed and change of price movements.

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.

The Associated Press cites records released by the bankruptcy court of the district of DE, which say Remington Outdoor Co. agreed to a prepackaged deal that would give holders of the company's $550 million term loan an 82.5 percent stake.

Earlier this year, Remington released a statement saying it had come up with a restructuring plan to reduce its debt by $700 million while injecting $145 million of new capital into its subsidiaries.

"There's value in the name, there's value in the brand", Rafn said.

Remington representatives did not return messages from CNNMoney, and the National Shooting Sports Foundation, the gun industry group, declined to comment on the bankruptcy.

But it was larger trends already underway that doomed Remington.

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