Remington arms company declared bankruptcy


Business restructuring will allow Remington to reduce the debt by about $700 million, and to increase the number of capital units of $145 million.

Well-known American arms manufacturer Remington Outdoor Co began bankruptcy proceedings. As reported in a press release it reached an agreement with its creditors to support the restructuring of the business.

"The difficult situation in the industry makes today's agreement is reasonable. I am confident that this realignment will be for the Remington guarantee of further work as a strong company and national heritage", – said the Chairman of the Board of Directors of the company Jim Geisler.

Remington also announced that it will continue to work as usual, continuing payments to employees and trading partners. The restructuring will not affect customer support and service.

Chief Executive officer Anthony Acitelli noted that the company "will emerge from this process with a lower volume of borrowings and high liquidity".

The restructuring will allow the Remington to reduce the debt by about $700 million, and to increase the capital of a number of units $145 million

The history of the Remington company nearly 200 years. It supplied weapons to the fields of the Civil war and both World wars. Now it belongs to Cerberus Capital Management. However, according to CNN, after the restructuring of investima will no longer own the gun manufacturer.

Earlier in January Penthouse magazine filed for bankruptcy for the third time.

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