Madison, N.C.-based Remington, a maker of shotguns, rifles and handguns since 1816, listed liabilities between $100 million and $500 million, with an identical estimate of assets. Cerberus unsuccessfully tried to sell the company before the decision to seek bankruptcy protection. The agreement would end the controlling financial interest of Cerberus Capital Management, the private equity company that acquired what was then known as Remington Arms, for $118 million in 2007. Remington Outdoor and its subsidiaries submitted a Chapter 11 petition to the federal bankruptcy court in Delaware, outlining a restructuring plan that would maintain the company's operations, continue pay and benefits for employees and ultimately turn the operating control of the company to creditors. Remington, one of the nation's oldest gun manufacturers, filed for bankruptcy court protection late Sunday amid heavy debts, falling sales and the potential for adverse court rulings stemming from the 2012 Sandy Hook school massacre.
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