America’s oldest gunmaker Remington files for bankruptcy one day after March for Our Lives because of $950 million debt and Sandy Hook lawsuits

Monday, March 26, 2018
By Paul Martin

Firm filed for bankruptcy protection to carry out debt-cutting deal with creditors
Came after huge anti-gun rallies by hundreds of thousands of young Americans
March for Our Lives was held after shooting at a Florida high school that killed 17
Company facing mounting lawsuits related to the Sandy Hook School shooting

DAILYMAIL.COM
26 March 2018

Remington Outdoor Co Inc, one of the largest U.S. makers of firearms, has filed for bankruptcy protection to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control.

The company’s chief financial officer, Stephen Jackson, said in court papers that Remington’s sales fell significantly in the year before its bankruptcy, and that the company was having difficulty meeting requirements from its lenders.

Remington, America’s oldest gunmaker, announced in February it would reduce its $950 million debtload in a deal that will transfer control of the company to creditors. The company plans to wrap up its bankruptcy as soon as May 3, according to court papers.

The firm is facing mounting lawsuits related to the Sandy Hook Elementary School shooting in December 2012,when 20 children and six adults were killed.

The filing comes after a February 14 shooting at a Parkland, Florida high school that killed 17 and spurred an intense campaign for gun control by activists. The massacre led to huge U.S. anti-gun rallies by hundreds of thousands of young Americans on Saturday.

In some of the biggest U.S. youth demonstrations for decades, protesters called on lawmakers and President Donald Trump to confront the issue. Voter registration activists fanned out in the crowds, signing up thousands of the nation’s newest voters.

Major U.S. companies and retailers have taken some steps to restrict firearm sales.

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