Us Gunmaker Remington Exits Bankruptcy In Tough Gun Climate

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– U.S. weapons manufacturer Remington Outdoor Co Inc FREDM.UL said on Thursday it had emerged from Chapter 11 bankruptcy with less debt and more stable financing that may help it ride out a slowing market for firearms.

Remington, America’s oldest gunmaker, filed for bankruptcy protection in March, weeks after a shooting at a high school in Parkland, Florida killed 17 people and triggered intensified campaigns for gun control by activists.

Under the reorganization plan, inked two days before the Feb. 14 Parkland shooting, creditors including JPMorgan Chase & Co (JPM.N) and Franklin Advisors will take ownership stakes in the company in exchange for forgiving more than $775 million of debt.




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