US Gunmaker Remington Files for Bankruptcy

(From Fox News)

Firearms manufacturer Remington Outdoor Company has filed for bankruptcy protection in the face of falling sales and lawsuits stemming from the 2012 Sandy Hook Elementary School shooting, the Wall Street Journal reported Sunday night.

According to the Journal, Remington announced that it would file for Chapter 11 last month but the actual filing was delayed after the Feb. 14 shooting at Marjory Stoneman Douglas High School in Parkland, Fla. that killed 17 people.

The paper reported that Remington officials plan to hand over the reins to its creditors in exchange for writing off most of the company’s debt. Cerberus Capital Management LP bought Remington for $118 million in 2007, assuming $252 million in debt in the process.

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