Report: Remington Arms filing for bankruptcy

Uncategorized

ILION, NY (WUTR-TV) — Published reports have it that Remington Arms is preparing to file for chapter 11 bankruptcy and that there may be a buyer close at hand.

The Wall Street Journal has reported that Remington — the valley area’s largest employer, is just days away from filing for reorganization under chapter 11. the leading contender to buy the company is the Navajo Indian Nation. Remington is the oldest gun manufacturer in the nation and went through chapter 11 in March 2018. that time, they came out of chapter 11 after two months when they converted over seven hundred million dollars in debt into equity for their creditors.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.