Finance

Oldest US gunmaker Remington files for bankruptcy protection

Oldest US gunmaker Remington files for bankruptcy protection”

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.

The filing by Remington Arms Company and its parent, Remington Outdoors, was disclosed late Sunday night on the website of the United States Bankruptcy Court in Delaware. Specifically, Remington's plan is to "reduce its debt by $700 million through the Chapter 11 process and contribute $145 million to its subsidiaries". According the New York Times, "Remington borrowed heavily during that time, including to buy out investors who wanted to leave". The young man who killed 20 first-graders and six educators in the Sandy Hook shooting in CT in 2012 used a Bushmaster.

The company was founded in upstate NY in 1816, but later moved to North Carolina. Protestors are seeking stronger gun restrictions after 17 were killed in a massacre at Marjory Stoneman Douglas High School in Parkland, Fla. The company has been sued by family members of the Sandy Hook victims.

Gun sales across the industry have fallen since President Trump took office. Despite bankruptcy, Remington would continue making guns.

Initially, Remington's sales rose under Cerberus amid a dramatic surge in total gun sales in the US.

Key events leading up to "March For Our Lives"
Marshall County March for Our Lives will begin at 1 p.m. on Saturday at Memorial Park in Calvert City. Among them are freshman Alyson Moriarty and Allison Fry, who've been involved in local marches.

Opposition party set off tear gas in Kosovo Parliament
Kosovo opposition politicians release tear gas in parliament to obstruct a session in Pristina, Kosovo March 21, 2018 . The agreement is reportedly a key condition for gaining visa-free travel through the European Union for Kosovars.

Google is spending $300 million to fight fake news
Subscribe with Google lets you buy a subscription , using your Google account, on participating news sites. He said YouTube plans to expand the feature to many more countries.

According to a recent study by Harvard University and Northeastern University, the number of privately-owned guns in America grew by more than 70 million_to approximately 265 million_between 1994 and 2015.

The firm is also looking into creating new investment funds that exclude gun makers and retailers.

Remington, best known for its rifles and shotguns, was founded in 1816. Remington employs about 3,500 workers.

BlackRock is a major shareholder in gun makers Sturm Ruger, American Outdoor Brands, and Vista Outdoor Brands.



Like this

Latest


26 March 2018
Security tight as Karachi gears up for PSL final
On the other hand, celebrities are supporting their favorite teams. "We invite everyone to come and play in Pakistan". Six Pakistan policemen and two civilians were killed, and six members of the Sri Lanka team were injured.

25 March 2018
On Pakistan Day,Prez Mamnoon Hussain asks India to resolve Kashmir peacefully
The parade was concluded by commandos from the tri-services conducting a paradrop after which a national song was performed. Contingents from the armed forces of Turkey, United Arab Emirates and Jordan also participated in the parade.

24 March 2018
Markets under pressure on trade war fears
Worries about how a trade war could erode global growth led to a flight to safety, sending yields on Chinese bonds lower. A deal for the latter will not come in the next 45 days before the yet-to-be published US tariff list becomes effective.

22 March 2018
Trump Praises Visiting Saudi Crown Prince, Focusing on Arms Sales
The rift between Iran and Saudi Arabia is another reason why Bin Salman is hell bent to buy multibillion-dollar arms. The visit has got lot to do with aligning Saudi Arabia and U.S. strategically against Iran, he noted .

22 March 2018
Trump's China tariffs could hurt Walmart, Best Buy
The U.S. imports about triple that amount each from Japan, South Korea and Germany - also countries with military agreements with the U.S.

22 March 2018
IndiGo Not Alone, Spicejet, Jet Airways, Air India Too Report Snag, Grounding
DGCA told the court that there were engine failure problems in the modified A320neos, which numbered 14 and were grounded. It added, "However, during engine start, the pilot-in-command observed a hydraulic (not oil) leakage from engine 2.

22 March 2018
Colder temperatures, freezing rain and snow to start spring in central Indiana
Forecasters are now predicting a small break from the cold weather - with temperatures rising to 12C in parts of the country. Readings are in the lower 40s both days. "There is the possibility for up to 6" in some counties in Southern Indiana.

22 March 2018
Warriors star reportedly aims for Friday return vs. Hawks
To compound their health issues, Draymond Green was only able to play 12 minutes in the defeat as he suffered a pelvic injury. Curry's repeated ankle setbacks, though, have probably been the most troublesome for the team.

21 March 2018
Fortnite iOS Launch Revenue Exceeds $1.5 Million in First 4 Days
Another idea was also suggested by Epic Games that should interest players even after the latest limited time game mode is gone. Fortnite mobile was able to accumulate $1 million from in-game purchases alone within the first three days of launch.

21 March 2018
Del Potro ends Federer's winning run at Indian Wells Masters
In addition to their championship titles, del Potro and Osaka claimed stunning Baccarat Trophies and checks for $1.4 million. It was Del Potro's seventh victory over Federer in 25 career meetings, one of those wins coming in the 2009 US Open final.



Recommended