Gunmaker Remington says it will file for bankruptcy [CNN]
AMERICAN OUTDOOR BRANDS CORP (AOBC)
Last american outdoor brands corp earnings: 3/5 04:15 pm
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Source: CNN
Gunmaker Remington says it will file for bankruptcy Remington, one of the oldest and most well-known gun companies in the world, plans to file for Chapter 11 bankruptcy protection . The plan would allow Remington Outdoor Company to stay in business while restructuring its debt. 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. Remington said in a statement that its operations "will not be disrupted by the restructuring process." "Payments to trade partners, employee wages and other benefits, support for customers, and an ongoing high level of service to consumers will continue without interruption," it said. Remington is owned by the private equity firm Cerberus Capital Management. Cerberus will give up that ownership once restructuring is complete, a spokesman said Monday. Related: Trump's presidency has been bad for gun sales Remington, which is headquartered in North Caroli
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