Remington Outdoor Company, the famous American arms giant, is contacting banks and private funds after officially announcing to the Reuters agency that it wants to declare bankruptcy (the so-called "Chapter 11" of the Stars and Stripes legislation). There Madison's company has managed to sign the Restructuring Support Agreement with creditors and in this way will be reduced by 700 million dollars debt.
At the same time, there will be a contribution of $ 145 million, fresh capital to be injected into operating subsidiaries. Remington was under the control of Cerberus Capital Management, but the 2012 shooting at the Sandy Hook school in Connecticut prompted the firm to sell all of its investments. The Californian credit agencies have sounded the alarm after noticing the excessive unsustainability of Remington's capital, mainly due to the significant volatility of demand for weapons and ammunition.
The news is causing a certain sensation, also because it is the oldest arms company in the United States: it was founded in 1816, therefore it has more than 200 years of history and its models are appreciated all over the world. The approximate calculation of the debts has revealed a rather alarming figure and very close to billion dollars.
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