In 1816, Eliphalet Remington opened his firearm company in Ilion, New York. For many years, Remington has made many popular hunting and target rifles and shotguns as well as many different calibers of ammunition. Remington is the oldest firearm company in the United States, but that history is now teetering on the brink of bankruptcy or worse.
With slumping gun and ammunition sales, Remington, like many other firearm companies is running into financial trouble. The company missed the payment on a coupon for their debt and is now trying to find enough funding to allow them to file for bankruptcy protection and a way to remain in business.
(Top Breaking News) – Remington Outside Firm Inc, one of the largest U.S. makers of firearms, has reached out to banking companies and credit score investment money in search of financing that will let it to file for individual bankruptcy, people today familiar with the subject reported on Thursday.
The shift arrives as Remington achieved a forbearance agreement with its lenders this 7 days following a missed coupon payment on its financial debt, the resources said. The enterprise has been performing with financial commitment financial institution Lazard Ltd (LAZ.N) on choices to restructure its $950 million credit card debt pile, Prime Breaking News described past month.
Remington is seeking debtor-in-possession financing that will let it to fund is functions once it documents for individual bankruptcy, the resources mentioned. The dimensions of the financing and timing of Remington’s bankruptcy plans could not be discovered…
While Democrats would dance in the street and celebrate for weeks if Remington was forced to close their doors, but for many of us who care about our firearms and ammunition, it would be a huge loss to see Remington fold up shop. Hopefully, the company will manage to find a way to work through this financial difficulty and continue to remain in business.