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. 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.
U.S. firearms and ammunition manufacturer Remington Arms files for chapter 11 bankruptcy protection after amassing US$950 million worth of debt.