User Tag List

+ Reply to Thread
Page 1 of 2 12 LastLast
Results 1 to 10 of 18

Thread: Gunmaker remington going bankrupt

  1. #1

    tPF Moderator
    Points: 268,415, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 73.0%
    Achievements:
    SocialVeteran50000 Experience PointsOverdrive
    Common's Avatar tPF Moderator
    Karma
    324938
    Join Date
    Feb 2013
    Posts
    47,245
    Points
    268,415
    Level
    100
    Thanks Given
    1,699
    Thanked 4,140x in 2,501 Posts
    Mentioned
    79 Post(s)
    Tagged
    0 Thread(s)

    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
    Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.

    GROUCHO MARX,

  2. #2
    Original Ranter
    Points: 467,164, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 99.9%
    Achievements:
    SocialCreated Album picturesOverdrive50000 Experience PointsVeteran
    Awards:
    Posting Award
    Peter1469's Avatar Advisor
    Karma
    413876
    Join Date
    Jun 2011
    Location
    NOVA
    Posts
    142,896
    Points
    467,164
    Level
    100
    Thanks Given
    82,210
    Thanked 64,849x in 44,304 Posts
    Mentioned
    2159 Post(s)
    Tagged
    0 Thread(s)
    Chapter 11 is reorganization of debt. The company will still be around. Hopefully they can pull through.
    Alea iacta est

    Check out the blog.


  3. The Following User Says Thank You to Peter1469 For This Useful Post:

    donttread (02-12-2018)

  4. #3

    tPF Moderator
    Points: 268,415, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 73.0%
    Achievements:
    SocialVeteran50000 Experience PointsOverdrive
    Common's Avatar tPF Moderator
    Karma
    324938
    Join Date
    Feb 2013
    Posts
    47,245
    Points
    268,415
    Level
    100
    Thanks Given
    1,699
    Thanked 4,140x in 2,501 Posts
    Mentioned
    79 Post(s)
    Tagged
    0 Thread(s)
    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
    Politics is the art of looking for trouble, finding it everywhere, diagnosing it incorrectly and applying the wrong remedies.

    GROUCHO MARX,

  5. The Following User Says Thank You to Common For This Useful Post:

    Peter1469 (02-12-2018)

  6. #4
    Points: 5,766, Level: 18
    Level completed: 3%, Points required for next Level: 584
    Overall activity: 36.0%
    Achievements:
    3 months registered5000 Experience Points
    Kacper's Avatar Senior Member
    Karma
    1027
    Join Date
    Aug 2017
    Posts
    2,404
    Points
    5,766
    Level
    18
    Thanks Given
    495
    Thanked 1,017x in 747 Posts
    Mentioned
    9 Post(s)
    Tagged
    0 Thread(s)
    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.

  7. #5
    Points: 98,772, Level: 76
    Level completed: 55%, Points required for next Level: 1,178
    Overall activity: 5.0%
    Achievements:
    Social50000 Experience PointsVeteran
    Crepitus's Avatar Senior Member
    Karma
    1253690
    Join Date
    Nov 2014
    Location
    Wichita, KS
    Posts
    35,705
    Points
    98,772
    Level
    76
    Thanks Given
    15,916
    Thanked 11,915x in 8,659 Posts
    Mentioned
    419 Post(s)
    Tagged
    0 Thread(s)
    Without a Democrat in office to be frightened of the gunmakers profits are way down this year.
    Attention:

    The Beatings Will Continue Until Morale Improves.

    That Is All.

  8. #6
    Points: 96,099, Level: 75
    Level completed: 52%, Points required for next Level: 1,251
    Overall activity: 0%
    Achievements:
    Social50000 Experience PointsVeteran
    zelmo1234's Avatar Senior Member
    Karma
    148068
    Join Date
    Dec 2012
    Location
    MICHIGAN
    Posts
    37,373
    Points
    96,099
    Level
    75
    Thanks Given
    14,605
    Thanked 11,345x in 8,390 Posts
    Mentioned
    356 Post(s)
    Tagged
    0 Thread(s)
    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.

  9. The Following User Says Thank You to zelmo1234 For This Useful Post:

    Grokmaster (02-12-2018)

  10. #7
    Points: 95,332, Level: 75
    Level completed: 23%, Points required for next Level: 2,018
    Overall activity: 35.0%
    Achievements:
    Social50000 Experience PointsTagger Second ClassVeteran
    Safety's Avatar Nationalist
    Karma
    2612255
    Join Date
    Sep 2014
    Location
    GA/FL
    Posts
    41,340
    Points
    95,332
    Level
    75
    Thanks Given
    19,655
    Thanked 18,736x in 12,660 Posts
    Mentioned
    939 Post(s)
    Tagged
    0 Thread(s)
    The Bushmaster used in the Sandy Hook shooting didn't help matters either.
    Nobody is holding a gun to your head. If you don't like what I post, ignore me. I'll post what I want, when I want, and where I want, regardless of how you or anyone else feels about it.

    - GA

  11. #8
    Points: 35,808, Level: 46
    Level completed: 24%, Points required for next Level: 1,142
    Overall activity: 91.0%
    Achievements:
    Tagger Second ClassSocialOverdrive25000 Experience PointsVeteran
    Max Rockatansky's Avatar Senior Member
    Karma
    17562
    Join Date
    Nov 2012
    Location
    Texas
    Posts
    13,130
    Points
    35,808
    Level
    46
    Thanks Given
    2,021
    Thanked 3,674x in 2,879 Posts
    Mentioned
    88 Post(s)
    Tagged
    0 Thread(s)
    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.
    "Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves."
    --
    Ronald Reagan

  12. #9
    Points: 46,138, Level: 52
    Level completed: 50%, Points required for next Level: 912
    Overall activity: 30.0%
    Achievements:
    Veteran25000 Experience Points
    Grokmaster's Avatar Senior Member
    Karma
    5755
    Join Date
    Jun 2012
    Location
    Indiana
    Posts
    9,678
    Points
    46,138
    Level
    52
    Thanks Given
    11,960
    Thanked 5,586x in 3,824 Posts
    Mentioned
    40 Post(s)
    Tagged
    0 Thread(s)
    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



  13. The Following User Says Thank You to Grokmaster For This Useful Post:

    zelmo1234 (02-13-2018)

  14. #10
    Points: 247,098, Level: 100
    Level completed: 0%, Points required for next Level: 0
    Overall activity: 46.0%
    Achievements:
    Overdrive50000 Experience PointsSocialVeteran
    exotix's Avatar Senior Member
    Karma
    536671
    Join Date
    Oct 2012
    Location
    Starz Fall on Alabama !
    Posts
    42,179
    Points
    247,098
    Level
    100
    Thanks Given
    6,055
    Thanked 7,584x in 6,160 Posts
    Mentioned
    841 Post(s)
    Tagged
    0 Thread(s)

    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 10:25 PM.
    'How and Why ?' ~ Einstein

+ Reply to Thread

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts


Critical Acclaim
Single Sign On provided by vBSSO