Back in March it was reported that America’s oldest gun maker, Remington filed for bankruptcy. But that does not mean that they are closing their doors. The gun maker went through the legal procedure and restructured it assets and it looks like they will be back in business.
Guns.com reported, a majority of shareholders approved the company’s plan for reorganization, lifting the gun maker out of bankruptcy court.
The plan will convert $775 million of debt into equity as Remington was turned over to its creditors and the company will emerge from the process with $193 million in financing along with at least $155 million more available in loans.
“It is morning in Remington country,” said Anthony Acitelli, Remington’s chief executive officer, in the statement. “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”
I have always been a fan of the 870 shotgun and it is good to hear that the company will still be in business. They are an icon of the firearms industry and I look forward to seeing many more products from them.