US Gun Giant Remington Files For Chapter 11 Bankruptcy
27 March, 2018, 19:09 | Author: Ann Santiago
After a Remington Bushmaster rifle was used in the Sandy Hook elementary-school shooting in CT in 2012 that killed 20 children and six adults, Cerberus tried unsuccessfully to sell Remington, then known as Freedom Group. Remington, which owns more than a dozen brands, followed through with plans announced last month to restructure the company's almost $1 billion debt load.
"The Sandy Hook families will need to file a motion asking the bankruptcy judge to lift the stay and to issue an order allowing the case to proceed in CT", said Matthew Beatman of Zeisler & Zeisler of Bridgeport. Adam Lanza used one of the company's Bushmaster rifles when he killed 26 at the elementary school in 2012.
But like other gun manufacturers, it has struggled in recent years with lagging sales, profits and share prices.
The North Carolina-based company's court filing is part of a previously announced deal with creditors to reduce its almost $950 million in accumulated debt.
The creditors agreed to the debt-cutting deal before the Parkland shooting, and it is unclear whether any have exited.
The Sandy Hook victims are listed as an unsecured creditor, as are several others that have lawsuits pending against the company.
Hearings on the bankruptcy are scheduled to begin Tuesday in US Bankruptcy Court in Wilmington, Delaware.
Remington representatives did not return messages from CNNMoney, and the National Shooting Sports Foundation, the gun industry group, declined to comment on the bankruptcy. Their wrongful death suit is pending with the Connecticut Supreme Court. A variety of challenges have been bringing down the company's bottom line for a while now and this move was likely seen as the only way to keep them solvent.
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The bankruptcy filing comes at a similar time in history, one that delayed the company's bankruptcy filings.
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.
Remington is headquartered in North Carolina.
"We will be positioned to grow our business, continue to innovate and introduce new products, to expand our partnership with new and existing customers and to capture opportunities in new markets", said Anthony Acitelli, Remington's CEO.
Since the US Presidential election, the gun sales have declined majorly and overall h slowed. The Third Lien Noteholders will also receive their pro rata share of the remaining cash at Remington Outdoor Company.
The company was cleared of wrongdoing in the shooting, but investors distanced themselves from the company's owner, investor Cerberus Capital Management. There were no takers.
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