Gunmaker Remington says it will file for bankruptcy
Remington, one of the oldest and most well-known gun companies in the world, plans to file for Chapter 11 bankruptcy protection.
The plan would allow Remington Outdoor Company to stay in business while restructuring its debt. The plan allows for Remington to reduce its debt by $700 million and contributes $145 million of new capital into its subsidiaries, according to the company.
Remington said in a statement that its operations "will not be disrupted by the restructuring process."

So the $700 Million creditors will be left to hang out and dry????

Just how does a corporation get into so much debt?

Any dime store accountant could have kept them from derailing by just keeping track of credits and debits.

quote:

Originally posted by WoodHunter:
So the $700 Million creditors will be left to hang out and dry????

Just how does a corporation get into so much debt?

It's easy to do if your intake is less than your expenditures.You collect your exorbitant salary and operate on your vendors nickle and forget about protecting your investors. roger

According to a local Arizona gun writer, Ed Head, he says that the ownership company of Remington, is giving up all of their ownership to the 2 largest creditors. These creditors, now owners, will then allow the company to run without all the crushing debt. Hopefully this will work out for Remington and all of us.

Best think for us is they lock the doors and close them down. They have not made a good product for 30 years.

Hey, no! I have an 11-87 shotgun that's terrific that I bought in 1988 . . . oh.

never mind