Arms manufacturer Remington seeks protection from bankruptcy
Remington, a manufacturer of weapons for the military, law enforcement and hunting customers, announced its plans to go bankrupt on 12 February. The company has already negotiated an agreement with lenders who have reduced their debt by around $700 million and paid $145 million into the new capital. The proposal was tabled after the weekend marches in the United States to tighten up the rules on the fight against weapons. This allows the company to continue as a going concern, and the agreement with the lenders is subject to judicial approval.