Posted on 07/28/2020 10:23:37 AM PDT by ek_hornbeck
Remington Outdoor Co. filed for bankruptcy for the second time in two years with plans to sell the 200-year-old maker of firearms.
The company said reduced gun sales prevented it from making money even after restructuring its finances in its first bankruptcy. Remington had $437.5 million in sales last year, about half the business it did in 2016, according to court papers filed in Decatur, Alabama.
The company owes various lenders more than $250 million, including a $12.5 million debt to Remingtons home town of Huntsville, Alabama, which put up a loan to help upgrade a manufacturing plant there.
The Chapter 11 filing allows the company to keep operating while it devises plans to turn around the business and pay its creditors.
(Excerpt) Read more at finance.yahoo.com ...
Private equity firms come in all stripes, with a wide variety of ethical commitments. Some firms provide a way for small public companies to “go private” in order to manage themselves more strategically, free of the quarterly earnings obsession of public markets. Some provide financing for growing companies on the way to going public. Sadly, some could be fairly characterized as vulture funds, which buy mature companies, sell off assets, pay themselves huge dividends, load up on debt and pay themselves more huge dividends. This process sucks the company dry with bankruptcy or going public to bail out the PE sponsor
Romney’s firm Bain Capital indulged in quite a few of the latter type of transactions. I’m sure there are Romney fans here, but his vaunted private sector skill is mostly a sham. Rather, he is one of the biggest practitioners of predatory crony capitalism of our day.
[Sadly, some could be fairly characterized as vulture funds, which buy mature companies, sell off assets, pay themselves huge dividends, load up on debt and pay themselves more huge dividends. This process sucks the company dry with bankruptcy or going public to bail out the PE sponsor]
Law firm article on the clawback issue:
“Investment Funds On Hook For US Pension Liabilities”
What’s worse is that some of these pension plans were underfunded to begin with, before the PE investors got involved, as pre-takeover executives changed funding assumptions (i.e. reduced contributions) to keep the company afloat amidst declining operating financials.
Ive only shot a couple of Glock models but I didnt like the trigger at all. If you have to pay for a third-party trigger upgrade right out of the box, then what is so perfect about the product? Best that can be said is that there are so many after-market upgrades available that one can adopt the Glock platform and essentially design their own gun without much difficulty - but at an increased cost.
I bought some of that Remington Golden Bullet .22 LR a while back and had about a 10% failure rate.
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