Posted on 05/18/2018 3:42:28 AM PDT by Libloather
(Reuters) - U.S. weapons manufacturer Remington Outdoor Co Inc FREDM.UL said on Thursday it had emerged from Chapter 11 bankruptcy with less debt and more stable financing that may help it ride out a slowing market for firearms.
**SNIP**
Under the reorganization plan, inked two days before the Feb. 14 Parkland shooting, creditors including JPMorgan Chase & Co (JPM.N) and Franklin Advisors will take ownership stakes in the company in exchange for forgiving more than $775 million of debt.
Remington also received a $193 million new lending package funded by seven banks, including Bank of America Corp (BAC.N).
(Excerpt) Read more at in.mobile.reuters.com ...
Well done.
Tough gun climate, more like the NRA and firearms makers ought to send gift baskets to Camera Hogg and his friends for the big increase in membership (renewals and new ones) and firearms sales.
Glad to see Remington has a “shot” to survive. As a portsider I own several Remington rifles and shotguns. Just a side note; the 700 action is the basis for many U.S Military sniper rifles, excellent quality for sure.
Remington made bad decisions during the golden age for gun makers. 8 years of the obama administration. With obama himself as the #1 salesman. They tried to steal thunder by making the same Guns that everyone else were making. 1911s an AR 15s. No innovation. They coasted till the Trump administration. Then sales went down across the board. They didn’t see this coming? Come on Remington.
And, as an aside, I owned a couple of the infamous 700 rifles that tended to discharge when you thumbed off the safety. But they are a good company. I still own a couple 870s.
Remington needs to survive...a great historic company.
“Investors in Cerberus Capital Management LP, the previous owner, had urged the private equity fund to sell Remington after its Bushmaster rifle was used in a school shooting in 2012 in Sandy Hook, Connecticut, in which 20 children died.
Remington has said its bankruptcy would not affect lawsuits against it, including one filed by the families of Sandy Hook victims. It is also appointing a new board of directors.”
I thought G.W. Bush signed a law that prevents gun makers from being sued for all but defects in operation of the firearm?
Some judges need to be reminded of that fact.
>>Just a side note; the 700 action is the basis for many U.S Military sniper rifles, excellent quality for sure.
How many snipers are there? Can they support the company? Even the Designated Marksman carries an accurized M4 variant now.
Just like those killed, last year, in the Halloween murders in NYC can sue Home Depot for renting one of their trucks that ran down those people. Or the Ryder Truck that blew up either the first WTC attack and the Murrah building bombing.
>>They’re losing that business too:
So, they are down to serving the dying Fudds. Sad that a company with such a great history can’t adapt to reality.
Tough gun climate? Not according to the NICS check data.
Congress needs to impeach a few judges that disregard the laws they pass.
Tough gun climate? Are you serious? The more the Progs scream about more gun control the more guns and ammo that will be sold! They just do not understand freedom and liberty!
The majority of the sales are used or very low priced, low margin new firearms
I know several shop/range owners and they all say its been a race to the bottom, volumes are steady, margins very small if any
I confess I contributed to that. I decided it was way past time to buy an AR, so I purchased a stripped lower at a gun show, and purchased a rifle kit from Palmetto State Armory.
Now I have an AR with a free float M-Lok rail and Magpul furniture for under $465 all in, tax, shipping, etc.
Two years ago you couldn’t touch that for under $800.
This is very good news, indeed.
“1911s an AR 15s.”
That’s the most crowded gun market in the country. And they borrowed money to build the tooling to enter it.
That was a bad, very bad business decision.
However, their conventional line-up is superior. To include the Marlin line-up.
A veritable pantheon of icons.
I will not touch a new Remington until they improve the quality of their products. The introduction of the R51 was a quality nightmare.
Not really.
They gave up control of their company, and I have little faith that Chase will make good decisions for them.
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