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Gunmaker Remington emerges from bankruptcy

Reuters logo Reuters 5/17/2018 Tracy Rucinski

Video by Wochit News

Remington Outdoor, one of the largest U.S. makers of firearms, emerged from Chapter 11 bankruptcy Thursday after completing a debt-cutting deal with creditors.

Remington, America's oldest gunmaker, filed for bankruptcy protection in March, weeks after a gunman at a Parkland, Fla., high school killed 17 people and spurred an intense campaign for gun control by activists.

Under the reorganization plan, the outline of which was agreed just two days before the Feb. 14 Parkland shooting, more than $775 million in Remington debt has been converted into equity. Remington also received a $193 million new lending package funded by seven banks, including Bank of America Corp.

"It is morning in Remington country," chief executive Anthony Acitelli said in a statement.

The company will appoint a new board of directors, the statement said.


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