Gunmaker Remington Emerges From Bankruptcy

Gunmaker Remington Emerges From Bankruptcy

Remington Outdoor Co. Inc., one of the largest U.S. makers of firearms, has emerged from Chapter 11 bankruptcy after completing a debt-cutting deal with creditors, the company said on Thursday.

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, the outline of which was agreed just two days before the Feb. 14 Parkland shooting, over $775 million of Remington’s debt has been converted into equity. 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.

The company will be appointing a new board of directors, the statement said.

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Author: HEDGE

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