Remington Emerges From Bankruptcy

By Tom Knighton

It’s been rough for Remington, lately. However, the company finally has a bit of good news. It’s now out of bankruptcy.

From Reuters:

Remington, America’s oldest gunmaker, filed for bankruptcy protection in March, weeks after a shooting at a high school in Parkland, Florida killed 17 people and triggered intensified campaigns for gun control by activists.

Under the reorganization plan, inked two days before the Feb. 14 Parkland shooting, creditors including JPMorgan Chase & Co (JPM.N) and Franklin Advisors will take ownership stakes in the company in exchange for forgiving more than $775 million of debt.

Remington also received a $193 million new lending package funded by seven banks, including Bank of America Corp (BAC.N).

“It is morning in Remington country,” Chief Executive Anthony Acitelli said in a statement.

Investors in Cerberus Capital Management LP, the previous owner, had urged the private equity fund to sell Remington after its Bushmaster rifle was used in a school shooting in 2012 in Sandy Hook, Connecticut, in which 20 children died.

Remington has said its bankruptcy would not affect lawsuits against it, including one filed by the families of Sandy Hook victims. It is also appointing a new board of directors.

It should be noted, however, …Read the Rest

Source:: Bearing Arms