Remington, the famous American company producing weapons and ammunition, has officially asked for the activation of the Chapter 11 of the Bankruptcy Law stars stripes, the one that provides the corporate reorganization. Madison's company is in dire economic straits and has turned to the Delaware court, local media reported. This is the so-called "Bankruptcy protection", a move that will ensure the survival of such an important and historic brand.
Restrictive gun regulations have certainly affected the Remington's financial crisis, the oldest US gun company. However, the latter managed to sign the Restructuring Support Agreement with its creditors, reducing debt by up to $ 700 million in total. There will also be a contribution of another 145 million dollars, useful for the operating subsidiaries.
With the bankruptcy, among other things, Remington will no longer be under the control of Cerberus Capital Management. The colossus was founded in 1816, so it has more than 200 years of history and its models are appreciated all over the world. The approximate calculation of the debts has brought out a rather large figure and now we will try to understand what future the brand awaits.