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Bank of America to supply Remington Outdoor Company with loan
Guns.com ^ | 05/10/18 | Daniel Terrill

Posted on 05/10/2018 12:06:39 PM PDT by Simon Green

Bank of America will join half a dozen other banks in providing a lending package to Remington Outdoor Company as the gun maker prepares to emerge from bankruptcy proceedings.

Although the bank announced last month that it would stop financing companies that make military-style guns for civilian use, the deal was made beforehand, Reuters reported.

BoA is contributing $43.2 million to a $193 million lending package funded by seven banks. The loan will help put Remington back on a stable footing as it re-enters an uncertain environment for gun makers.

BoA chairwoman Anne Finucane said in April that the bank had notified customers that “it’s not our intent to underwrite or finance military-style firearms on a go-forward basis” in an effort to reduce mass shootings.

However, BoA agreed to the deal in late March, shortly after Remington petitioned a federal bankruptcy court for Chapter 11 protections, to replace a similar credit line, according to Reuters. There’s no indication BoA or Remington are ready to cut ties, as doing so would hurt the bank’s reputation and may jeopardize Remington’s future.

Remington expects to emerge from bankruptcy by the end of the month, the company announced last week. The bankruptcy court approved the company’s plan for reorganization, which will cancel more than 4775 million of the company’s $1.3 billion debt load. The plan will transfer ownership from Cerberus Capital to creditors, like JP Morgan and Franklin Resources.

BoA reacted to public pressure in its decision to stop working with makers of AR-style rifles. Demonstrators following February’s school shooting in Parkland, Florida, focused energies on businesses rather than lawmakers, who have year after year been unable to pass gun control legislation.


TOPICS: Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: banglist; banking; boa; remington
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1 posted on 05/10/2018 12:06:39 PM PDT by Simon Green
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To: Simon Green
Good news, competition is good. Also, this is when “diversity” of manufacturers is also good.
2 posted on 05/10/2018 12:09:04 PM PDT by 1Old Pro
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To: Simon Green

Not happy with that. BOA will castrate any arms company.


3 posted on 05/10/2018 12:09:33 PM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you)
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To: Simon Green

It is good to see that corrupt, anti-American politics is not running all of our banking system.


4 posted on 05/10/2018 12:10:15 PM PDT by EagleUSA
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To: Vaquero

Yes, probably anti-gun strings attached...


5 posted on 05/10/2018 12:17:20 PM PDT by ltc8k6
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To: Vaquero

Remington kind of already did that to themselves - what with their Fudd-centric focus and when that started to fail in the marketplace their hastily rushed to market, poor quality modern pistols and overpriced ARs.


6 posted on 05/10/2018 12:18:43 PM PDT by Spktyr (Overwhelmingly superior firepower and the willingness to use it is the only proven peace solution.)
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To: Simon Green
Was watching a Perry Mason episode from 1959 last night on MeTV.

In the background of one scene I happened to notice a simple billboard that just said “Bank of America”.

Got me nostalgic. Change was a given, but who would have guessed how things would change, and in such a short time, too?

7 posted on 05/10/2018 12:21:51 PM PDT by GBA (Onward through the fog, scud runners.)
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To: Simon Green
There are a lot of Remington Outdoor brands that deal in eeeevil Modern Sporting Rifles and accessories.

DMPS, Advanced Armament, Bushmaster, TimberSmith, and Tapco are all Remington Outdoor brands.

8 posted on 05/10/2018 12:24:32 PM PDT by Yo-Yo (Is the /sarc tag really necessary?)
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To: Simon Green

“BoA reacted to public pressure in its decision to stop working with makers of AR-style rifles. “

There is bigger public pressure coming from us investors in BoA. I read the riot act to a Merrill Lynch VP yesterday, I called Finucane unfit to head up any financial institution and pointed out the folly of Dick’s Sporting Goods as a disaster they cam emulate. I am starting to organize a movement amongst other investors to get her ousted.


9 posted on 05/10/2018 12:26:35 PM PDT by DarthVader ("The biggest misconception on Free Republic is that the Deep State is invulnerable")
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To: Simon Green

Unless the deal includes wholesale management change at Remington, they’re throwing bad money after good. There’s been more firearms sold in the last nine years than in any other 20-year period in history. If you can’t make a profit selling firearms in that climate, you couldn’t sell lemonade in hell.


10 posted on 05/10/2018 12:40:47 PM PDT by Paal Gulli
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To: GBA

There is a great Perry Mason wiki that goes into a lot of details including locations.


11 posted on 05/10/2018 12:47:06 PM PDT by wally_bert (I didn't get where I am today by selling ice cream tasting of bookends, pumice stone & West Germany)
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To: Simon Green

Can’tcha just see Hogg having a temper tantrum and holding his breath until he turns blue.


12 posted on 05/10/2018 1:06:42 PM PDT by Sacajaweau
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To: 1Old Pro

Suck it Hogg!


13 posted on 05/10/2018 1:11:36 PM PDT by shanover (...To disarm the people is the best and most effectual way to enslave them.-S.Adams)
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To: Simon Green

When money talks, political correctness walks.


14 posted on 05/10/2018 1:41:43 PM PDT by WayneS
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To: Paal Gulli

Good point.


15 posted on 05/10/2018 1:43:31 PM PDT by WayneS
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To: Simon Green

That R-51 debacle, among others really cost Remington a lot of money and goodwill among its customers.

CC


16 posted on 05/10/2018 4:25:09 PM PDT by Celtic Conservative (Do you know what really burns my ass? A flame about 3 feet high.)
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To: Simon Green

Exactly what Bankruptcy is for...restructuring


17 posted on 05/10/2018 4:33:15 PM PDT by Jan_Sobieski (Sanctification)
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To: Simon Green

Yeah they will!


18 posted on 05/10/2018 4:38:58 PM PDT by <1/1,000,000th%
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To: Simon Green

I can’t say much for Remington’s weapons but their ammunition is top notch. Their UMC 9mm is outstanding.


19 posted on 05/10/2018 7:50:24 PM PDT by upchuck ("In America we don't worship government, we worship GOD" ~ President Donald Trump)
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To: wally_bert

Very cool. Thanks for the tip!


20 posted on 05/11/2018 9:29:56 AM PDT by GBA (Onward through the fog, scud runners.)
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