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200 yo American Cowboy Gun brand Remington BANKRUPTED! MAGA! УРА!
https://www.sammyboy.com/threads/20...n-brand-remington-bankrupted-maga-УРА.252367/
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http://money.cnn.com/2018/03/25/news/companies/remington-bankruptcy/index.html
Remington, one of America's oldest gun makers, files for bankruptcy
by Aaron Smith @AaronSmithCNN March 25, 2018: 10:12 PM ET
Stormy Daniels: 'I have no reason to lie'
Remington Outdoor Brands has filed for bankruptcy.
The bankruptcy filing allows Remington to stay in business while restructuring its massive debt. The company has been planning to reduce its debt by $700 million through the Chapter 11 process and contribute $145 million to its subsidiaries.
Remington plans to keep on making guns. The company said, when it first announced its plan to file for bankruptcy in February, that operations "will not be disrupted by the restructuring process."
Founded in 1816, Remington is one of the oldest and best-known gun makers in the world. It's owned by Cerberus Capital Management, which plans to shed ownership once the bankruptcy is complete.
Related: Remington plans to file for bankruptcy
Remington is headquartered in North Carolina. It makes a variety of handguns, shotguns and rifles at its sprawling 19th-century factory in Ilion, N.Y.
Its products include the Bushmaster AR-15-style rifle that was used in the 2012 mass shooting in Newtown, Connecticut. The company has been sued by family members of the Sandy Hook victims.
An attorney from the law firm representing those family members said it does not expect the bankruptcy filing to affect its clients' case "in any material way."
The company also settled a class action lawsuit a few years ago regarding allegations of defective rifles.
Related: A cloud hangs over the gun industry
The gun industry as a whole has suffered plunging sales and profits under the Trump administration, because consumers are no longer driven by fears of more restrictive gun control with a Republican in the White House who's been endorsed by the National Rifle Association
American Outdoor Brands (AOBC), which owns the brand Smith & Wesson, reported dismal earnings earlier this month as did Sturm Ruger (RGR) in February, and they've laid off hundreds of workers.
-- Sarah Jorgensen contributed to this report.
https://www.sfgate.com/news/educati...r-Remington-files-for-bankruptcy-12781121.php
Frontier gun maker Remington seeks bankruptcy protection
The Associated Press
Updated 7:19 am, Monday, March 26, 2018
Photo: Julie Jacobson, AP
Image 1 of 37
FILE - In this Tuesday, Jan. 15, 2013 file photo, Remington rifle cartridges are displayed at the 35th annual SHOT Show in Las Vegas. U.S. gun maker Remington Outdoor Company has filed for bankruptcy protection ... more
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Mounting debts at the arms manufacturer have snowballed, ironically, since the election of Donald Trump, who has called himself a "true friend" to the gun industry.
Remington, which as roots dating to 1816, has lined up $100 million with lenders to continue operations. It remains unclear what will happen to its 3,500 or so employees as it reorganizes.
Panic sales that drove revenue for gun makers ever higher evaporated with Trump's arrival in the White House, and Remington's production of one of the most well-known weapons in the world, the Bushmaster AR-15, have overwhelmed the Madison, North Carolina, company.
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Late Sunday, according to records from the bankruptcy court of the district of Delaware, Remington Outdoor Co. agreed to a prepackaged deal that would give holders of the company's $550 million term loan an 82.5 percent stake, according to a release.
Third-lien noteholders will take 17.5 percent of Remington and four-year warrants get a 15 percent stake.
The Bushmaster AR-15 rifle was used in the Sandy Hook shooting in Connecticut in which 20 first-graders and six educators were killed in 2012.
The same type of gun was used to kill 17 in a Parkland, Florida, high school, a massacre that lead to drew hundreds of thousands of anti-gun violence protesters to the capital and to the streets in cities across the nation this past weekend.
The company was cleared of wrongdoing in the Sandy Hook shooting, but investors wanted nothing to do with it. Cerberus Capital Management, which had acquired the company in 2007 as gun sales began to boom, tried to sell it less than a week after the shooting.
There were no takers.
But it was larger trends already underway that doomed Remington.
Arms manufacturers had for years ramped up production as gun ownership became a red-hot social, and political flashpoint. Some gun-rights advocates have binged on guns on the misguided belief that a Democratic administration would harshly restrict gun sales.
Those misperceptions became moot with Trump's rise to the White House.
Trump was 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."
Any belief that more restrictive regulation was on the way faded quickly.
In 2017, firearm background checks, a good barometer of sales, declined faster than in any year since 1998, when the FBI first began compiling that data.
But there were clear signs that gun sales, even as production increased, were already in decline. By 2015 Colt Holdings Co., another storied gun maker, had filed for Chapter 11 bankruptcy protection.
Profit growth at Sturm, Ruger & Co. is under severe pressure and the company's shares are down 18 percent this year.
Some of Wall Street's heaviest hitters are stepping into the national debate on guns as investment firms ask firearms makers what they are doing about gun violence.
BlackRock is a major shareholder in gun makers Sturm Ruger, American Outdoor Brands, and Vista Outdoor Brands. About a week after the shooting in Parkland, BlackRock said it wanted to speak with the three firearms makers about their responses to the tragedy.
It's also looking into creating new investment funds for investors that exclude firearms makers and retailers.
