Remington Arms, the U.S. gunmaker founded in 1816, has submitted for Chapter 11 defense in the U.S. Bankruptcy Court docket of the Northern District of Alabama.
The business listed assets and liabilities equally in the assortment of $100 million to $five hundred million. Remington mentioned it had $437.five million in sales in 2019, about half what it gained in 2016.
It is the next time in just above two a long time that Remington has submitted for Chapter 11 defense. In March 2018, the business submitted for Chapter 11 defense and declared it was trying to get to decrease its financial debt by $620 million.
Cerberus Capital Administration obtained Remington in 2007 and amassed approximately $1 billion in financial debt. It emerged from its 2018 individual bankruptcy getting minimized its financial debt by additional than $775 million. Ownership was transferred to senior loan providers.
Firearms sellers have claimed a sharp