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Thread: Gunmaker remington going bankrupt

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    Gunmaker remington going bankrupt

    U.S. gunmaker Remington reaches deal with creditors to file for bankruptcy

    I didnt even realize remingtons gun division was in trouble.

    Remington Outdoor Company Inc, one of the largest U.S. makers of firearms, said on Monday it had reached a deal with its creditors to file for Chapter 11 bankruptcy to slash its $950 million debtload.

    The planned bankruptcy filing follows a decline in sales at the armsmaker, in part because of receding fears that guns will become more heavily regulated by the U.S. government, according to credit ratings agencies.
    U.S. President Donald Trump has said he will “never, ever infringe on the right of the people to keep and bear arms.” Since Trump’s election victory in November 2016, American Outdoor Brands Corp has lost almost two thirds of its stock market value, while Sturm Ruger & Company Inc has fallen by a quarter. By comparison, the S&P 500 has increased by a quarter in the same period.
    Remington said it will receive $145 million in bankruptcy financing to fund the company through the Chapter 11 process. Remington plans to file bankruptcy in U.S. Bankruptcy Court in Delaware, seeking to write off about $700 million in debt.
    Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership of the company as a result of the bankruptcy. The company’s creditors, which include Franklin Templeton Investments and JPMorgan Asset Management, will exchange their debt holdings for equity in the company.
    Business operations including employee wages and benefits and payments to trade creditors will continue as usual through the bankruptcy, the company said.

    https://www.reuters.com/article/us-r...-idUSKBN1FW23Q
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    Chapter 11 is reorganization of debt. The company will still be around. Hopefully they can pull through.
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    donttread (02-12-2018)

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    Quote Originally Posted by Peter1469 View Post
    Chapter 11 is reorganization of debt. The company will still be around. Hopefully they can pull through.
    Remington makes tons of different products and has alot of divisions, it seems its only their gun division that is having a problem

    I have noticed recently huge discounts on remington handguns, especially their 380s
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    I came up on Remington shotguns. Cannot say I was as happy with them as I was the others we had but you had to pick your gun by order of birth so I usually got stuck with one of them instead of one of the older, better guns from my dad's arsenal. I am not a big fan of pump action guns anyway.

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    Without a Democrat in office to be frightened of the gunmakers profits are way down this year.
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    Remington has lost there way, They moved reluctantly into the synthetics and really don't have a great AR/Self defense offering

    There pistols are OK but done better by others. They still make a wonderful product but it is priced a little out of the popular price offerings

    I wish them well be they need some better management.

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    Grokmaster (02-12-2018)

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    The Bushmaster used in the Sandy Hook shooting didn't help matters either.
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    Quote Originally Posted by Common View Post
    U.S. gunmaker Remington reaches deal with creditors to file for bankruptcy

    I didnt even realize remingtons gun division was in trouble.

    Remington Outdoor Company Inc, one of the largest U.S. makers of firearms, said on Monday it had reached a deal with its creditors to file for Chapter 11 bankruptcy to slash its $950 million debtload.

    The planned bankruptcy filing follows a decline in sales at the armsmaker, in part because of receding fears that guns will become more heavily regulated by the U.S. government, according to credit ratings agencies.
    U.S. President Donald Trump has said he will “never, ever infringe on the right of the people to keep and bear arms.” Since Trump’s election victory in November 2016, American Outdoor Brands Corp has lost almost two thirds of its stock market value, while Sturm Ruger & Company Inc has fallen by a quarter. By comparison, the S&P 500 has increased by a quarter in the same period.
    Remington said it will receive $145 million in bankruptcy financing to fund the company through the Chapter 11 process. Remington plans to file bankruptcy in U.S. Bankruptcy Court in Delaware, seeking to write off about $700 million in debt.
    Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership of the company as a result of the bankruptcy. The company’s creditors, which include Franklin Templeton Investments and JPMorgan Asset Management, will exchange their debt holdings for equity in the company.
    Business operations including employee wages and benefits and payments to trade creditors will continue as usual through the bankruptcy, the company said.

    https://www.reuters.com/article/us-r...-idUSKBN1FW23Q
    Surprised me too when I saw an article about it online.

    " Since Trump’s election victory in November 2016, American Outdoor Brands Corp has lost almost two thirds of its stock market value, while Sturm Ruger & Company Inc has fallen by a quarter. By comparison, the S&P 500 has increased by a quarter in the same period. "

    It's no coincidence that they are going bankrupt after losing the best gun salesman ever nor that Hillary's loss in the election has led to this. Sad.
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    Many of today's shooters do not use bolt guns, Remington's bread and butter, or choose from the many options now available. It's semi-auto hunting rifles (the 700 family)are being outgunned by Browning, etal. Remington needs to UPDATE...
    De Oppresso Liber



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    Remington seeks Chapter 11 Bankruptcy Protection

    Today


    'Everything Trump touches Dies'




    Remington, Gun Maker Tied To Sandy Hook Massacre, Makes Deal With Lenders


    http://www.courant.com/news/connecticut/hc-ap-remington-bankruptcy-sandy-hook-20180212-story.html


    https://www.google.com/search?source=hp&ei=DGWCWs_hHuiIggefy6awAg&q=Remin gton&oq=Remington&gs_l=psy-ab.3..0i131k1j0l9.1935.4299.0.5632.10.9.0.0.0.0.12 7.816.8j1.9.0....0...1.1.64.psy-ab..1.9.816.0...0.p9qT5HAmYCc



    MADISON, N.C. — Remington, the gun maker beset by falling sales and lawsuits tied to the Sandy Hook Elementary School massacre, has reached a financing deal that would allow it to continue operating as it seeks Chapter 11 bankruptcy protection.


    The maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, said Monday that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital.


    The company was cleared of any wrongdoing in the shooting, but investors repulsed by the massacres distanced themselves from the company's owner, investment firm Cerberus Capital Management. Cerberus acquired the gun maker in 2007, just when gun sales began to skyrocket.



    Firearm background checks, a reliable barometer of gun sales, had risen steadily for at least a decade.


    That changed last year with the election of President Donald Trump, and it has taken a toll on the gun industry.



    Gun sales spike on the election of candidates who are perceived to be more likely to pursue more stringent gun control laws, whether or not there is any truth in that perception.



    The opposite has occurred since Trump was elected.

    He became the first sitting president to address the National Rifle Association in three decades, telling members at their annual meeting last spring that “You have a true friend and champion in the White House.”









    In this Jan. 28, 2013, photo, firearms training unit Detective Barbara J. Mattson, of the Connecticut State Police, holds up a Bushmaster AR-15 rifle, the same make and model of gun used by Adam Lanza in the Sandy Hook School shooting, during a legislative hearing in Hartford.


    Last edited by exotix; 02-12-2018 at 11:25 PM.
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