Guess things were worse than they led on.
Exclusive: U.S. gunmaker Remington seeks financing to file for bankrup
Remington, the gun maker beset by falling sales and lawsuits tied to the Sandy Hook Elementary School massacre, has reached a financing deal that would allow it to continue operating as it seeks Chapter 11 bankruptcy protection.
The maker of the Bushmaster AR-15-style rifle
used in the Connecticut shooting that left 20 first-graders and six
educators dead in 2012, said Monday that the agreement with lenders will
reduce its debt by about $700 million and add about $145 million in new
capital.
The company was cleared of any wrongdoing in
the shooting, but investors repulsed by the massacres distanced
themselves from the company's owner, investment firm Cerberus Capital
Management. Cerberus acquired the gun maker in 2007, just when gun sales
began to skyrocket.
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