A day after hundreds of thousands of Americans demanded action on gun control at the March for Our Lives rally, one of the country's largest gun manufacturers has filed for bankruptcy. The timing seems like a flawless reaction to the recent backlash for the school shooting at Stoneman Douglas High School, but the cause is more likely Donald Trump.
The Bushmaster AR-15 rifle was used in the Sandy Hook shooting in CT in which 20 first-graders and six educators were killed in 2012. The gunman used a Remington assault rifle to gun down 20 students and six faculty members (a similar weapon was used in the Parkland shooting). It has been common for gun sales to increase under Democratic regimes and ebb under Republican regimes due to perceived likelihood of gun control measures. Remington, which makes weapons for military, law enforcement, and hunting customers, had already outlined a plan on February 12 to file for bankruptcy and give control to lenders including Franklin Resources Inc. and JPMorgan Asset Management.
The Associated Press cites records released by the bankruptcy court of the district of DE, which say Remington Outdoor Co. agreed to a prepackaged deal that would give holders of the company's $550 million term loan an 82.5 percent stake.
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Remington is now headquartered in North Carolina and has seven factories in different states. In some of the biggest youth demonstrations in decades in the United States, protesters called on lawmakers and President Donald Trump to finally confront the issue.
In 2015, another gunmaker, Colt Holdings Co., filed for Chapter 11 bankruptcy protection.
The company's private equity owner, Cerberus Capital Management, announced soon after the tragedy it would sell Remington. The company has been fighting slumping sales for years, and although there are upticks in gun sales after every mass shooting, those bumps haven't been enough to keep them afloat. At the time, Jim Geisler, Remington's executive chairman, commented, "Difficult industry conditions make today's agreement prudent".
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Remington plans to continue making guns during the Chapter 11 process, which, according to CNN Money, is meant to reduce its debt by $700 million.
In the court documents, Remington Outdoor Co. It was bought in 2007 by Cerberus Capital Management for $118 million.
The lawsuit was filed in January 2015 seeking to hold Remington liable, arguing it marketed the AR-15 to the public even though it knew it was designed for military use.
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The governing body for Australian football said that as far as it was concerned, the World Cup was going ahead as planned. Foreign Secretary Boris Johnson also praised the "extraordinary worldwide response" by the UK's allies.
Remington, which as roots dating to 1816, has lined up $100 million with lenders to continue operations.