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Please make sure your browser supports JavaScript and cookies and that you are not blocking them from loading. For more information you can review our Terms of Service and Cookie Policy.</s>Remington Arms Co filed for Chapter 11 bankruptcy on Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.

Remington, one of the largest U.S. makers of firearms, filed for Chapter 11 bankruptcy in a Delaware court.

It listed assets in the range of $500-million to $1-billion and liabilities in the range of $500-million and $1-billion.</s>Remington Outdoor, an American gun maker, has filed for Chapter 11 bankruptcy protection.

Remington is planning to use the Chapter 11 bankruptcy to restructure its debt. As such, the company is planning to continue normal operations while it goes through the bankruptcy.

The gun maker originally announced its plans for Chapter 11 bankruptcy protection back in February, but is only just now filing. It hopes that the process will allow it to reduce debt by $700 million.

Remington is also seeking to provide its subsidiaries with $145 million through the Chapter 11 bankruptcy protection. It will also be losing Cerberus Capital Management as an owner once it exits the bankruptcy, reports CNNMoney.

With Cerberus Capital Management dropping ownership of Remington, the company is planning to provide lenders with an ownership stake. The agreement announced last month includes giving this stake to lenders in exchange for reducing its debt of $945 million by $700 million.

According to the Chapter 11 bankruptcy filing, Remington still has between $100 million and $500 million of debt. This matches the gun maker’s estimates for the total value of its assets.

Remington’s decision to enter Chapter 11 bankruptcy protection comes as the entire gun industry deals with slowing sales. This is likely due to President Donald Trump taking the White House. Customers probably aren’t as fearful of gun bans with a Republican in office, The New York Times notes.

The Chapter 11 bankruptcy filing was made by Remington on Sunday. The company filed for for Chapter 11 bankruptcy protection with the federal bankruptcy court in Delaware.

As of this writing, William White did not hold a position in any of the aforementioned securities.</s>March 25 (Reuters) - Remington Arms Co filed for Chapter 11 bankruptcy on Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.

Remington, one of the largest U.S. makers of firearms, filed for Chapter 11 bankruptcy in a Delaware court. http://bit.ly/2IS9hWH

It listed assets in the range of $500 million to $1 billion and liabilities in the range of $500 million and $1 billion. (Reporting by Ismail Shakil in Bengaluru and Tom Hals in Wilmington, Delaware; Editing by Sunil Nair)</s>March 26 (UPI) -- U.S. firearms manufacturer Remington has filed for Chapter 11 bankruptcy, weeks after it reached an agreement with creditors in view of sagging gun sales.

The company filed for bankruptcy protection in federal court in Delaware Sunday.

Remington announced last month it planned to restructure $700 million in debt with its major creditors, as well as $145 million in new capital, so the company could continue manufacturing while in bankruptcy.

The announcement of the restructuring came two days before the Parkland, Fla., high school shooting that killed 17 people and increased demands for changes in U.S. gun control legislation.

Retailers, including Walmart and Dick's Sporting Goods, reacted to the shootings with restrictions or elimination of gun sales.

Remington, which also manufacturers Marlin and Bushmaster guns, reported that sales last year were just over $600 million -- a 30 percent decline from 2016 -- and its profits fell 90 percent. In a letter to investors Friday, the company said it had a negative operating cash flow of $7.4 million.

Overall gun sales in the United States declined during the first 14 months under President Donald Trump, perhaps due to a belief that gun sale restrictions were unlikely in the Republican administration.

The company has also faced product liability issues. It agreed to replace triggers on millions of Model 700 bolt-action rifles, its signature product, in a class action settlement.

Remington has not indicated whether the bankruptcy filing will affect the agreement to replace the parts.</s>Firearms maker Remington Outdoor Co. sought bankruptcy protection Sunday, in the face of a heavy debt load, falling sales and lawsuits tied to Sandy Hook school shooting.

Remington filed for chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del., with plans to hand over control of the company to its creditors — including Franklin Resources Inc. BEN, -1.66% and JPMorgan Chase & Co.’s JPM, -2.67% asset-management division — in exchange for wiping much of its debt from its balance sheet.

The chapter 11 filing, announced last month, was delayed after a Feb. 14 school shooting in Parkland, Fla., that left 17 dead and reawakened the national debate surrounding gun regulations, people familiar with the matter told The Wall Street Journal.

Founded in 1816, Remington is one of America’s oldest and largest gun and ammunition manufacturers. The Madison, N.C., company plans to continue operations and paying its vendors and employees while under bankruptcy protection.

An expanded version of this report appears on WSJ.com.

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5G wireless will redraw the wireless industry map: Who stands to lose?</s>The oldest firearms maker in the U.S. has filed for bankruptcy. Remington Arms dates back to 1816 with ammunition and gunsmith plants in Connecticut and New York.

Over the years gun sales have been choppy, driven largely by fear that new government regulations would make gun purchases harder. But those fears evaporated with the election of President Trump.

However, about half the guns in the U.S. are owned by just three percent of the population, which has made the gun industry unstable. Colt filed for bankruptcy in 2015 and Ruger’s stock has plummeted.

Remington makes the AR-15 Bushmaster, the gun used in the Sandy Hook Elementary shooting where 20 children and six adults were gunned down. Ten families of those killed are currently suing Remington in Connecticut’s Supreme Court. Lawyers in the case say the bankruptcy will not impact the suit in any material way.

Remington has lined up $100 million with lenders to continue operations. It remains unclear what will happen to its nearly 3,500 employees as the North Carolina-based company reorganizes.</s>America's oldest gun manufacturer has filed for Chapter 11 bankruptcy protection, according to court papers filed in Delaware late Sunday.

The move by Remington Arms Company and its parent, Remington Outdoors, comes amid slumping sales at the firm founded more than 200 years ago.

It also follows student-led rallies across the United States calling for stricter gun laws after the mass shooting at Marjory Stoneman Douglas High School in Parkland, Fla., in February. Hundreds of thousands of people participated in "March for our lives" events.

More: March for Our Lives could be the biggest single-day protest in D.C.'s history

Remington, based in North Carolina, has been making various hand guns, riles and shot guns since 1816. It is now majority-owned by Cerberus Capital Management, a private-equity group that intends to sell off the gun maker's assets once the bankruptcy process is complete. Remington will continue to operate while it pursues Chapter 11 bankruptcy protection, an action that allows ailing companies time to come up with a reorganization plan to stay afloat, and to pay off company creditors.</s>Remington Outdoor Co Inc , one of the largest U.S. makers of firearms, filed for bankruptcy protection on Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.

REUTERS: Remington Outdoor Co Inc , one of the largest U.S. makers of firearms, filed for bankruptcy protection on Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.

The company's chief financial officer, Stephen Jackson, said in court papers that Remington's sales fell significantly in the year before its bankruptcy, and that the company was having difficulty meeting requirements from its lenders.

Remington, America's oldest gunmaker, announced in February it would reduce its US$950 million debtload in a deal that will transfer control of the company to creditors. The company plans to wrap up its bankruptcy as soon as May 3, according to court papers.

The filing comes after a Feb. 14 shooting at a Parkland, Florida high school that killed 17 and spurred an intense campaign for gun control by activists.

The massacre led to huge U.S. anti-gun rallies by hundreds of thousands of young Americans on Saturday.

In some of the biggest U.S. youth demonstrations for decades, protesters called on lawmakers and President Donald Trump to confront the issue. Voter registration activists fanned out in the crowds, signing up thousands of the nation's newest voters.

Major U.S. companies and retailers have taken some steps to restrict firearm sales.

Citigroup Inc said last week it will require new retail-sector clients to sell firearms only to customers who passed background checks and to bar sales of high-capacity magazines.

Citi also said it was restricting sales for buyers under 21, a move adopted by other large retailers, while Kroger Co's superstore chain Fred Meyer said it will stop selling firearms entirely.

Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership in the bankruptcy.

Remington's creditors, which sources told Reuters include Franklin Templeton Investments and JPMorgan Asset Management, will exchange their debt holdings for Remington equity.

The creditors inked the debt-cutting deal prior to the Parkland shooting, and it is unclear if any have exited. The restructuring support agreement allows creditors to sell their holdings, but the buyer is bound by the deal.

One investor told IFR, a Thomson Reuters news provider, that his firm had contemplated buying the Remington loans that will be exchanged into equity, which were offered at as low as 25 cents on the dollar.

"We bowed out because we were uncomfortable," he said.

After a Remington Bushmaster rifle was used in the Sandy Hook elementary school shooting in Connecticut in 2012 that killed 20 children and six adults, Cerberus tried unsuccessfully to sell Remington, then known as Freedom Group.

Katie-Mesner Hage, an attorney representing Sandy Hook families in a lawsuit against Remington, said in a prepared statement that she did not expect the gunmaker's bankruptcy would affect their case.

Remington and other gunmakers have suffered from slumping sales in the past year as fears of stricter gun laws have faded.

The chief executive of American Outdoor Brands Corp , maker of the Smith & Wesson gun used in the Parkland shooting, said on March 1 that some gun retailers reported increased sales after the Florida school shooting.

Remington filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.</s>Remington Arms Co filed for Chapter 11 bankruptcy in a Delaware court on Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.

It listed assets in the range of $500 million to $1 billion and liabilities in the range of $500 million and $1 billion.

The Madison, North Carolina-based firm manufactured the Bushmaster AR-15-style rifle used in the Sandy Hook Elementary School massacre that left 20 first-graders and six educators dead in 2012.

Remington's sales plunged 27 percent in the first nine months of 2017, resulting in a $28 million operating loss.

Colt's Manufacturing Co LLC, a competitor of Remington, emerged from bankruptcy in 2016 following falling sales of its sports rifles and the loss of military contracts.
U.S. firearms and ammunition manufacturer Remington Arms files for chapter 11 bankruptcy protection after amassing US$950 million worth of debt.