Remington Arms Co. filed for Chapter 11 bankruptcy in a DE court on Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control. The company plans to reduce its debt by $620 million through the Chapter 11 process.
Remington probably isn't going anywhere, despite the bankruptcy filing.
A Remington-manufactured Bushmaster AR-15-style rifle was used in the Sandy Hook shooting that killed 26 people - 20 first-graders and six school staffers - in 2012.
Remington Outdoor went to court in DE as it continues efforts to complete a deal that will see its private equity owner, Cerberus, relinquish control to creditors. Protestors are seeking stronger gun restrictions after 17 were killed in a massacre at Marjory Stoneman Douglas High School in Parkland, Fla.
Remington also fell victim to a wider trend which saw gun sales rocket as Second Amendment fans feared ownership rights would soon be curtailed.
The election of Trump-who pitches himself as a friend of gun owners-was actually bad for business.
Remington Outdoors is the oldest firearm manufacturer in the United States. But half of those guns are owned by only 3 percent of the population. The company has refused to say whether the bankruptcy filing - which it first signaled last month - will affect the settlement. Soon after, "Cerberus dropped plans for an initial public offering of what was then known as the Freedom Group". With Trump in office, it's hard for gun manufacturers to persuade people who already own guns that they have to buy more. "Rather, he said, it's a response to the fact that grief in the wake of mass shootings rarely inspires lasting action to prevent firearms from falling into the wrong hands", Siegel reports.
The firm is also looking into creating new investment funds that exclude gun makers and retailers.
Unhealthy lifestyles giving rise to 2500 cancer cases a week
However, overall the analysis found the proportion of preventable cases of cancer had fallen - from 42.7% in 2011 to 37.7%. Of the 360,000 new cases diagnosed in 2015, about 135,500 could have been prevented, according to Cancer Research UK .
Dropbox to start trading after strong IPO
Dropbox provides a service that lets users store, share and collaborate on documents , photos and other files online. Friday's share surge indicates investors don't see that gap as an obstacle to becoming a successful public company.
East Coast Residents Weary From Fourth Nor'easter
The mixed bag of precipitation continues to move through the area after this afternoon and turns heavy between 1am-7am Wednesday. In Washington, D.C., federal offices were closed on Wednesday, and on Thursday, the government is opening on a two-hour delay.
Gun control rally goes silent for victims
The street protests and growing congressional attention mean gun control could loom large in the November midterm elections. Foy said most people were willing to converse, although some less so. "It could be prevented".
March Madness: Saturday's Elite 8 games
The teams met for the 1997 NIT title with the Wolverines coming out on top while the Seminoles got revenge in the 2007 tournament. Forward Charles Bledsoe added five points and four rebounds, while guard-forward Mark Dobbins had four points and three rebounds.