US gunmaker Remington filed for bankruptcy on Sunday, as the more than 200-year-old firearms manufacturer vies to restructure its massive debts.
“Directors have determined that it is advisable and in the best interests of the Company that the Company file, or cause to be filed, a Voluntary Petition commencing the Chapter 11 Case,” the bankruptcy filing says.
Remington had announced it would file for bankruptcy in February, just two days before a shooting at a Parkland, Florida high school killed 17 people and reignited a national debate on gun control.
The restructuring agreement will allow Remington to reduce some $700 million of its consolidated debt, according to the company, as well as inject a contribution of $145 million of new capital into its operating subsidiaries.
In February Remington said its “business operations will continue to operate in the normal course and will not be disrupted by the restructuring process.”
Remington’s financial woes illustrate a paradox of the Trump era: weapon manufacturers ramped up production in anticipation of a Hillary Clinton presidency that would drive sales of those fearing increased gun control.
Instead, they got a period of political dominance for the powerful National Rifle Association gun lobby — with Republicans controlling Congress and the White house — that was nonetheless accompanied by financial fragility for gunmakers.
The company has also been hit with lawsuits by families of victims of the Sandy Hook school shooting that killed 20 small children and six adults in 2012.
The families say 20-year-old killer Adam Lanza would never have been able to carry out his 264-second attack if he had not had access to a high-capacity weapon which had been “specifically engineered” for military use in combat.
More than a million Americans flooded streets of cities nationwide on Saturday demanding tighter gun control on Saturday, marches that were spearheaded by teenagers from Parkland who survived the shooting.
Internet disgusted after Buffalo first responders cheer cops charged with assaulting 75-year-old protester
Commenters on Twitter expressed both contempt and disgust for Buffalo firefighters and police officers who turned out in front of Buffalo City Court to support two suspended police officers with applause and cheering.
Moments after officers Aaron Torglaski and Robert McCabe were charged with second-degree assault and then released without having to post bail, they were greeted as heroes outside the courthouse.
After a video was posted showing the celebration, commenters on Twitter vented at cops and firefighters for defending the two officers who assaulted the 75-year-old man who had to be rushed to a hospital after they shoved him to the ground where he sustained a head injury.
Donald Trump’s lurch toward fascism is backfiring spectacularly
Welcome to another edition of What Fresh Hell?, Raw Story’s roundup of news items that might have become controversies under another regime, but got buried – or were at least under-appreciated – due to the daily firehose of political pratfalls, unhinged tweet storms and other sundry embarrassments coming out of the current White House.
During the 2016 campaign, as Donald Trump railed against "Mexican rapists" and other "criminal aliens," pollsters found that the share of Americans who said that immigrants worked hard and made a positive contribution to our society increased significantly, and noticed a similar decline in the share who said they take citizens' jobs and burden our social safety net. After Trump was elected and began pursuing his Muslim ban, the share of respondents who held a positive view of Islam also increased pretty dramatically. I'm not aware of any polling of the general public about transgender troops serving in the military before Trump decided to discharge them, but Gallup found that 71 percent of respondents opposed his position after he did.
Judge blocking release of Jeffrey Epstein records has ties to officials linked to Epstein: report
On Saturday, the Miami Herald reported that a judge who blocked the release of grand jury material in the Jeffrey Epstein child sex abuse case has ties to three officials with a vested interest in the outcome of the lawsuits surrounding the scandal.
"Krista Marx, the Palm Beach chief judge who also heads a panel that polices judicial conduct, has potential conflicts of interest involving three prominent players embroiled in the Epstein sex-trafficking saga: State Attorney Dave Aronberg, who has been sued by the Palm Beach Post to release the grand jury records; Sheriff Ric Bradshaw, whose department’s favored treatment of Epstein while he was in the Palm Beach County jail is part of an ongoing state criminal investigation; and ex-State Attorney Barry Krischer, part of the same investigation in connection with his decision not to prosecute Epstein on child-sex charges," wrote Julie Brown, a reporter who has extensively covered the Epstein case.