Remington exits Chapter 11 bankruptcy in less than two months

Remington, one of American's oldest and best-known gunmakers, exited Chapter 11 bankruptcy in less than two months, t...

Posted: May 17, 2018 6:59 PM
Updated: May 17, 2018 6:59 PM

Remington, one of American's oldest and best-known gunmakers, exited Chapter 11 bankruptcy in less than two months, the company announced Thursday.

The company said it converted $775 million of debt into equity and successfully implemented its plan for reorganization.

"It is morning in Remington country," Anthony Acitelli, chief executive officer of Remington, said in a statement. "We are excited about the future - producing quality products, serving our customers, and providing good jobs for our employees."

Judge Brendan Shannon approved the exit on Tuesday. Remington had filed for bankruptcy in March.

The process was unusually fast for a corporate bankruptcy process, according to Rommel Dionisio, gun industry analyst for Aegis Capital.

Related: Bank of America is still working with Remington

"That was a relatively quick turnaround to emerge from bankruptcy," he said. "I imagine the improved state of the firearms industry, with increased consumer demand in the three months following the Parkland incident, likely helped banks and other financial institutions gain comfort with the terms of the reorganization."

He was referring to a mass shooting that killed 17 students and educators at a high school in Parkland, Florida, in February. The activism of students from Parkland has renewed the debate over gun control. Gun sales tend to rise when gun control enters the national conversation.

Related: How Remington became an American icon

Remington makes the Bushmaster, the AR-15-style rifle that was used in a mass shooting that killed 26 students and educators at a school in Newtown, Connecticut, in 2012.

The company is the subject of a class action lawsuit by family members of the victims.

West Lafayette
Clear
78° wxIcon
Hi: 92° Lo: 71°
Feels Like: 80°
Kokomo
Scattered Clouds
73° wxIcon
Hi: 92° Lo: 70°
Feels Like: 73°
Rensselaer
Clear
68° wxIcon
Hi: 88° Lo: 66°
Feels Like: 68°
Fowler
Clear
68° wxIcon
Hi: 89° Lo: 69°
Feels Like: 68°
Williamsport
Clear
74° wxIcon
Hi: 91° Lo: 70°
Feels Like: 74°
Crawfordsville
Clear
69° wxIcon
Hi: 90° Lo: 71°
Feels Like: 69°
Frankfort
Overcast
74° wxIcon
Hi: 92° Lo: 71°
Feels Like: 74°
Delphi
Clear
73° wxIcon
Hi: 91° Lo: 69°
Feels Like: 73°
Monticello
Clear
73° wxIcon
Hi: 95° Lo: 68°
Feels Like: 73°
Logansport
Clear
72° wxIcon
Hi: 90° Lo: 69°
Feels Like: 72°
WLFI Radar
WLFI Temps
WLFI Planner

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 47432

Reported Deaths: 2687
CountyConfirmedDeaths
Marion11546683
Lake5104242
Elkhart321144
Allen2737129
St. Joseph190866
Cass16389
Hamilton1538100
Hendricks1390100
Johnson1256118
Porter72037
Tippecanoe6948
Madison65564
Clark64044
Bartholomew58244
Howard56557
LaPorte56326
Kosciusko5354
Vanderburgh5026
Marshall4823
Jackson4693
Noble46928
LaGrange4677
Hancock44035
Boone43743
Delaware43150
Shelby42325
Floyd37144
Morgan32731
Montgomery29320
Grant29126
Clinton2882
Monroe27628
Dubois2666
White26010
Henry25815
Decatur24932
Lawrence24225
Vigo2318
Dearborn22823
Harrison21222
Warrick21229
Greene18532
Miami1822
Jennings17411
Putnam1688
DeKalb1604
Scott1607
Daviess14216
Orange13623
Wayne1366
Steuben1282
Perry1279
Franklin1248
Ripley1157
Jasper1142
Wabash1122
Carroll1102
Fayette987
Newton9810
Starke923
Whitley905
Randolph784
Huntington742
Jefferson722
Wells711
Fulton691
Jay680
Washington681
Gibson672
Knox640
Pulaski641
Clay604
Rush563
Adams501
Benton480
Owen471
Sullivan441
Brown381
Posey380
Blackford372
Spencer371
Crawford300
Fountain302
Tipton301
Switzerland260
Martin220
Parke220
Ohio140
Vermillion140
Warren141
Union130
Pike100
Unassigned0193

COVID-19 Important links and resources

As the spread of COVID-19, or as it's more commonly known as the coronavirus continues, this page will serve as your one-stop for the resources you need to stay informed and to keep you and your family safe. CLICK HERE

Closings related to the prevention of the COVID-19 can be found on our Closings page.

Community Events