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.
Watch Anderson Cooper use the long-form of ‘BS’ while shutting down Rod Blagojevich on CNN
MSNBC anchor Anderson Cooper was visibly angered by claims made by former Illinois Gov. Rod Blagojevich during a Friday evening CNN interview.
Blogojevich was sentenced to 14 years in federal prison for corruption while in office that included attempting to sell the U.S. Senate seat vacancy created when Barack Obama was elected president. His sentence was commuted by President Donald Trump.
Cooper lectured Blogojevich for getting sued while governor over a backlog of 3,000 clemency cases.
The CNN anchor described it as "a little ironic and frankly a little sad and pathetic and hypocritical."
Judge rules against Devin Nunes in $9.9 million lawsuit over the salacious Steele Dossier
Rep. Devin Nunes (R-CA) suffered a legal setback after losing a major lawsuit he had filed.
"A federal judge has tossed out a racketeering lawsuit House Intelligence Committee Chairman Devin Nunes filed last year against the private investigation firm at the heart of the Trump-Russia saga," Politico reported Friday evening.
"Alexandria, Virginia-based U.S. District Court Judge Liam O'Grady's two-page order made short work of Nunes' suit, which sought $9.9 million in damages from Fusion GPS, its founder Glenn Simpson and a nonprofit watchdog group, Campaign for Accountability," Politico explained. "The judge also signaled that pressing on with the legal battle could result in sanctions against Nunes and his attorney, Steven Biss."
Devin Nunes is livid at report he helped Trump’s White House: ‘Who the hell is leaking this?’
The ranking Republican on the House Intelligence Committee is suing Washington, DC's hometown newspaper.
Rep. Devin Nunes (R-CA) announced that he was suing The Washington Post during a Friday appearance on Fox News.
“A senior U.S. intelligence official told lawmakers last week that Russia wants to see President Trump reelected, viewing his administration as more favorable to the Kremlin’s interests, according to people who were briefed on the comments,” The Washington Post reported Thursday. “Trump learned about Pierson’s remarks from Rep. Devin Nunes (Calif.), the committee’s ranking Republican and a staunch Trump ally, said one person familiar with the matter.”