Remington to File for Bankruptcy…Again
News outlets report planned sale to Navajo Nation, which made a bid for the gunmaker in 2018
According to this story from the Reuters, Remington Arms Co. is in financial trouble yet again and is preparing to file for Chapter 11 bankruptcy protection for the second time in almost as many years. The story also says that Remington is in “advanced talks for a sale to the Navajo Nation.”
The story said late last week that the Native American tribe was planning to vote to approve the deal soon, possibly over the weekend. The tribe had put in a bid for the company in the past, at the time, saying it planned to drop the company’s “most controversial semi-automatic rifles,” the story says.
The story also says that the timing of the bankruptcy “could slip, and that the deal with the Navajo Nation, the largest Native American reservation in the United States, may not come to fruition.”
Remington filed for bankruptcy in March 2018 after the company had trouble meeting the requirements of its lenders.
The company emerged from bankruptcy the same year, owned by its former creditors, including Franklin Templeton Investments and JPMorgan Asset Management, the story says.
If it goes through, the sale to the tribe would occur through a court-supervised process, subject to higher and better offers and approval from a judge.