Gunmaker Remington is filing for bankruptcy

Gunmaker Remington is filing for bankruptcy

Inc. said Monday that it plans to file for Chapter 11 protection in DE with an agreement in hand with its creditors to slash some $700 million in debt from its balance sheet through an equity swap with term lenders and noteholders. The plan allows for Remington to reduce its debt by $700 million and contributes $145 million of new capital into its subsidiaries, according to the company.

Creditors will end up with a stake in the company A pre-packaged plan of reorganization is expected to be filed with the United StatesBankruptcy Court in Delaware.

Remington expects business operations to continue as normal during the restructuring.

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According to Bloomberg, holders of the gunmaker's $550 million term loan will assume an 82.5 percent equity stake in the company.

Since Trump's win, the sales and share prices of firearms manufacturers, including Sturm, Ruger & Co. and American Outdoors Brands Co., have slumped. In the first three quarters of 2017, Remington's sales fell 27.5% to $466.7 million, pushing it into the red. Last year, President Trump called himself a "true friend" of the gun industry. The balance sheet restructuring will be effectuated through a pre-packaged joint plan of reorganization to be filed in the United States Bankruptcy Court for the District of DE in connection with the Company's filing of voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code.

"Difficult industry conditions make today's agreement prudent", executive chairman Jim Geisler said. The Third Lien Noteholders will also receive their pro rata share of the remaining cash at Remington Outdoor Company. "We look forward to serving our customers, our partners throughout the industry, and our many fine employees, now and long into the future". We will emerge from this process with a deleveraged balance sheet and ample liquidity, positioning Remington to compete more aggressively and to seize future growth opportunities, ' Remington Chief Executive Officer Anthony Acitelli said in a statement.

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Gun sales surged to record levels in 2016, when Barack Obama was president and there were fears that Democratic candidate Hillary Clinton would implement gun controls.

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

Ruger confirmed January 8 it has eliminated 50 non-production jobs companywide.

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A lawsuit filed by family members of the Newtown tragedy victims says Remington should not have sold such a risky weapon to the public. At that time, Remington was known as Freedom Group.

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