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Gun Maker Remington Preps for Bankruptcy, Seeks Sale to Navajo Nation

Published: June 28, 2020
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Source: msn

 

Firearms manufacturer Remington Arms Co. is preparing to file for chapter 11 protection for the second time since 2018 and is in advanced talks for potential bankruptcy sale to the Navajo Nation, people familiar with the matter said.

The bankruptcy filing could come within days as the gun maker makes preparations for the Navajo Nation to serve as the lead bidder to purchase Remington’s assets out of chapter 11, these people said. Founded in 1816, Remington’s namesake weapons are mainstays in hunting, shooting sports, law enforcement and the military.

The Navajo Nation—a territory with roughly 175,000 people across parts of Utah, Arizona, New Mexico—could finalize a bid for Remington as soon as Friday, one of the people said. Any bid for the company would be subject to competing offers and require bankruptcy-court approval.

The timetable could be pushed back, and an offer from the Navajo Nation isn’t guaranteed to materialize, people familiar with the matter said.

Despite cutting some $775 million in debt through the 2018 bankruptcy, Remington has continued to face high interest costs and operational issues, according to people familiar with the matter, and expensive litigation surrounding the 2012 Sandy Hook Elementary School shooting.

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