U.S. judge approves gun maker Remington's bankruptcy plan
Source: Reuters
Weapons manufacturer Remington Outdoor Company Inc won approval for its bankruptcy plan on Wednesday, paving the way for the company to slash debt, boost its cash position and better weather the uncertain climate for firearms in the United States.
Remington filed for bankruptcy in March with a deal in hand to cut its debt by about $775 million, a little more than one month after a school shooting in Parkland, Florida.
The shooting sparked protests and a wave of retailers and corporations to limit sales and transactions relating to firearms. Mass discounter Walmart Inc (WMT.N), which Remington is reliant on for sales, said it would stop selling guns to people under 21 years old.
Read more: https://www.reuters.com/article/us-remington-bankruptcy-approval/u-s-judge-approves-gun-maker-remingtons-bankruptcy-plan-idUSKBN1I332W