Remington Arms preps for bankruptcy sale to Navajo Nation

NYPOST ^ | 6/26/2020 | Staff

[mac_truck]

Remington Arms, America’s oldest gun maker, is preparing to file for Chapter 11 bankruptcy protection and is in advanced talks for a potential sale to the Navajo Nation, The Wall Street Journal reported on Friday.

Remington is making preparations for the Native American tribe to serve as the lead bidder to purchase its assets out of Chapter 11, the Journal reported here, citing people familiar with the matter.

The report added that the filing could come with in days.

Remington had previously filed for bankruptcy protection in March 2018.

[FatherofFive]

Sheesh. Don’t let those Injuns get their hands on good rifles.;-)

LOL! That was my first thought

[jimfree]

Was thinking also of fire water.

[rktman]

What’s next? A whiskey factory?

[ProtectOurFreedom]

It would be the biggest irony of all time.

[Meatspace]

Good to see that they are selling to Americans.

[Bonemaker]

That's my working hypothesis.😎

[gundog]

Remington and Bushmaster we’re both bought by Cerberus. Remington began making the R-15 after Cerberus acquired them. Not sure it’s accurate to say that Remington makes the Bushmaster, but considering the current state of journalism, I should probably be happy they didn’t try to tie them to global warming.

[TheConservativeBanker]

I think that the Sandy Hook litigation is the likely reason for bankruptcy. If the Navajo nation is smart (and I’m sure that their advisors are) the transaction will be structured to leave liability from prior litigation in the past. I used to be an investment banker and even after 25 years, I can think of at least two structural alternatives that would prevent any old litigation liability from attaching to the new owners. The legal status of an Indian tribe (taxes and other immunities) could make it very interesting.

[M1903A1]

Well, among other things, they bought Marlin, fired all the workers, and relocated the factory to another state...then learned the hard way that those workers were the only ones that knew how to produce good product on the factory’s worn machinery.

[SheepWhisperer]

Firestick Arms

[usurper]

Don’t let those Injuns get their hands on good rifles.;-)

Or whisky

[Bonemaker]

They come out with drek like this while at the same time ruining the Marlin 45 70 Guide Gun and they wonder why they are in a jam.

[gundog]

[laplata]

“So Remington is going to Begay now”?

Lol Most won’t understand your clever post.

[Tax-chick]

Are guns still bad if Tribal Persons of Oppressionism are making them?

Who can keep up with this stuff?

But seriously, if the Navajo Nation buys Remington, I hope lots of Navajos get good jobs and produce a good product.

[Tax-chick]

Good one.

[laplata]

That’s what I thought when I saw the headline. something ain’t right with management.

[PAR35]

How did they go bankrupt? The usual way - investment bankers / private equity got their claws in them and sucked them dry. In this case it was Cerberus.

When you hear of a major corporate bankruptcy, always trace back to the investment banker or 'private equity' firm that loaded it up with debt and sucked it dry. You'll almost always find one 5 - 15 years back.

[Bonemaker]

Custer was the long arm/street muscle of the Union that Lincoln preserved. Just like the thugs at Ruby Ridge, Waco etc.

[laplata]

I’m in the Four Corners (Near Durango) and know what you mean.