Remington Arms Co, America’s oldest gun maker, is preparing to file for Chapter 11 bankruptcy protection and is in advanced talks for a sale to the Navajo Nation, the Native American tribe that should vote to approve the deal. A few days ago a Reuters press release announced the new developments. For those who live on the other side of the Pond, when a business is unable to service its debt or pay its creditors, “Chapter 11” permits a reorganization under the bankruptcy laws of the United States.
It's been some tough years for Remington, as we already reported here on all4shooters.com. The Reuters press release summarizes the most recent events: “The gunmaker has filed for bankruptcy before, in March 2018 after sales faltered and the company had trouble meeting requirements of its lenders. Remington emerged from bankruptcy the same year, owned by its former creditors, including Franklin Templeton Investments and JPMorgan Asset Management.”
A long road for Remington
The Navajo Nation already made a bid in 2018 for Remington, “planning to use an investment trust to fund a purchase that would transform the company by dropping assault-style weapons and focusing instead on hunting firearms for consumers, sales to law enforcement and smart gun technology”, as the New York Times has reported. Anyway, “the timing of the bankruptcy filing could slip,” and “the deal with the Navajo Nation, the largest Native American reservation in the United States, may not come to fruition.”
It's still a long road for Remington... Stay tuned for more info!