Remington is planning to file for bankruptcy

Atlanta Georgia. With more than 800 exhibitors the convention is the largest annual gathering for the NRA's more than 5

Remington Outdoor Co., the nation's oldest gun maker, will attempt to file a prepackaged reorganization plan with the U.S. Bankruptcy Court of DE under Chapter 11 of the bankruptcy code.

Remington, which was acquired by Cerberus Capital Management in 2007, says that filing Chapter 11 will allow them to keep their doors open while working with creditors to settle debt and get the company back on solid ground.

Remington, based in Madison, plans to enter voluntary bankruptcy protection in the U.S. Bankruptcy Court in Delaware.

In addition to allowing the company to maintain business operations throughout the process, the plan will also arrange a new asset-based loan facility at emergence, the proceeds of which will refinance the existing ABL facility in full, and lenders will receive 82.5 percent of the equity plus their share of $2.67 million in cash.

The unfortunate news from Remington Outdoor Co. falls in line with a trend being seen across the firearm industry. That includes payments to vendors, employee wages and other benefits and customer support. Sales at Remington plunged 27% for the first nine months during 2017, which resulted in an operating loss of $28 million. Last year, President Trump called himself a "true friend" of the gun industry.

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Remington executive chairman Jim Geisler said, "Difficult industry conditions make today's agreement prudent".

Cerberus declined to comment on its portfolio company's bankruptcy.

Remington's reputation has also flagged in recent years. We will emerge from this process with a deleveraged balance sheet and ample liquidity, positioning Remington to compete more aggressively and to seize future growth opportunities, ' Remington Chief Executive Officer Anthony Acitelli said in a statement.

Before Trump's presidential victory in November 2016, pro-gun advocates had expressed concern that Democratic challenger Hillary Clinton would continue former President Barack Obama's push to close "loopholes" on gun purchases and background checks through Congress and possibly through future appointments to the U.S. Supreme Court. Ruger has a production plant in Mayodan. Cerberus will no longer own the 200-year-old Remington, while creditors will get equity in the company in exchange for the debt being written down.

In 2014, Remington settled a class-action lawsuit, agreeing to replace the triggers on 7.5 million allegedly defective guns free of charge.

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