Remington Emerges From Bankruptcy

posted by Ian Wheatley -

Illion, N.Y. - Remington Arms says that they have emerged from bankruptcy.

The company, founded in Illion, filed for bankruptcy protections two months ago. The firearms manufacturer hit troubled financial waters after gun sales fell while its debt piled up. 

Remington emerges with a significantly reduced debt load but transfers ownership from a private equity firm to it's creditors, which includes JPMorgan's asset management firm.

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