BREAKING NEWS : Man in critical condition after shooting in Fort Wayne Full Story

One of America's oldest gun makers files for bankruptcy

Remington Outdoor Brands has filed for bankruptcy while continuing operations. Its products include the Bushmaster rifle that was used in the 2012 Sandy Hook mass shooting.

Posted: Mar 28, 2018 5:46 PM
Updated: Mar 28, 2018 5:48 PM

A federal judge approved $75 million worth of loans to Remington so the company can keep making guns as it works through bankruptcy, according to court documents.

The firearms company filed for Chapter 11 bankruptcy protection earlier this week after more than 200 years in business.

The loan will allow Remington to continue pursuing a deal to cut as much as $620 million in debt. The company succumbed to a plunge in demand for guns that has dragged down the industry.

Remington has asked for loans totaling $338 million to be approved by April 29, but only a portion has been approved so far.

The $75 million loan approved on Tuesday is the "interim amount to get them through the interim period until they get to that final hearing on the additional amount that they're going to need," said Sarah Foss, legal analyst at Debtwire.

Founded in New York in 1816, Remington is one of the oldest gunmakers in America, and one of the most iconic gun brands in the world. The company, which is based in North Carolina, makes a variety of rifles, handguns and shotguns through its seven plants, including a sprawling brick factory in Ilion, NY, that's been churning out guns since the 1840s.

Gun and ammunition makers like Sturm Ruger, Vista Outdoor and American Outdoor Brands, which owns the Smith and Wesson brand, have been hit hard by slumping sales during the administration of President Trump.

Related: How Remington became an icon among gunmakers

Gun companies experienced record sales during the Obama administration, driven by fears among gun consumers of more restrictive gun control. But these fears have largely faded, along with sales and profits, since the 2016 election of Trump, a Republican endorsed by the National Rifle Association.

Remington makes military semiautomatic rifles, including the Bushmaster used in the 2012 mass shooting that killed 26 people at Sandy Hook Elementary in Newtown, Connecticut.

Related: A cloud hangs over the gun industry

Remington has been sued by family members of Sandy Hook victims. Their wrongful death suit is pending with the Connecticut Supreme Court. Lawyers for the families say their suit is unaffected by the Chapter 11 filing.

The company is currently owned by Cerberus Capital Management, which plans to shed ownership once the bankruptcy process is over

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 77565

Reported Deaths: 3105
CountyConfirmedDeaths
Marion16304733
Lake7840283
Elkhart499287
Allen4103164
St. Joseph368183
Hamilton2941104
Vanderburgh208215
Hendricks1972109
Cass18099
Johnson1800119
Porter139139
Clark133350
Tippecanoe126312
Madison104866
LaPorte95730
Howard93865
Kosciusko87212
Bartholomew84447
Floyd83750
Marshall80123
Monroe77732
Delaware76852
Vigo75213
Dubois71812
Noble70829
Boone70446
Hancock69439
Jackson6065
Warrick60030
Shelby57228
LaGrange56910
Grant53230
Dearborn52228
Morgan49235
Henry46020
Clinton4564
Wayne40210
White38011
Montgomery36321
Lawrence35827
Harrison35524
Decatur34732
Putnam3288
Daviess28420
Miami2792
Scott27810
Jasper2592
Greene25634
Franklin24915
Gibson2434
DeKalb2424
Jennings23212
Ripley2208
Steuben2173
Fayette2057
Carroll2033
Perry18813
Posey1810
Starke1817
Orange17924
Wabash1795
Wells1782
Fulton1742
Jefferson1722
Knox1681
Whitley1606
Tipton15416
Sullivan1521
Washington1481
Clay1415
Spencer1393
Randolph1325
Huntington1303
Newton12110
Adams1202
Owen1101
Jay940
Rush914
Pulaski841
Fountain762
Brown752
Blackford662
Pike660
Ohio656
Benton630
Vermillion610
Parke591
Switzerland560
Martin500
Crawford480
Union410
Warren251
Unassigned0207

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 105426

Reported Deaths: 3755
CountyConfirmedDeaths
Franklin19124533
Cuyahoga13999519
Hamilton9917260
Lucas5544324
Montgomery4544101
Summit3712224
Butler307064
Marion295245
Mahoning2644258
Pickaway240442
Stark1931142
Warren187739
Lorain186777
Columbiana169960
Trumbull1578111
Fairfield144933
Delaware137819
Licking136751
Clark121815
Lake115443
Wood110158
Clermont98111
Medina97736
Miami88139
Allen81746
Tuscarawas80114
Portage78063
Greene74212
Mercer66813
Belmont62826
Richland62612
Erie61928
Ashtabula58046
Madison58010
Wayne56759
Geauga56545
Ross5204
Darke42529
Huron4135
Hancock4103
Sandusky40717
Ottawa40527
Athens3642
Holmes3316
Lawrence3230
Auglaize2866
Union2771
Scioto2601
Muskingum2561
Seneca2424
Jefferson2403
Preble2192
Shelby2194
Knox2189
Putnam21517
Washington21222
Coshocton1999
Champaign1922
Morrow1852
Hardin18012
Crawford1775
Clinton1746
Highland1692
Logan1692
Perry1643
Fulton1581
Ashland1563
Defiance1554
Wyandot1559
Brown1502
Williams1393
Fayette1260
Henry1242
Hocking1229
Guernsey1217
Carroll1145
Monroe9418
Pike800
Gallia781
Jackson780
Van Wert732
Paulding720
Adams682
Meigs630
Vinton322
Morgan310
Harrison261
Noble190
Unassigned00
Fort Wayne
Clear
66° wxIcon
Hi: 86° Lo: 64°
Feels Like: 66°
Angola
Broken Clouds
66° wxIcon
Hi: 86° Lo: 64°
Feels Like: 66°
Huntington
Broken Clouds
65° wxIcon
Hi: 85° Lo: 64°
Feels Like: 65°
Decatur
64° wxIcon
Hi: 86° Lo: 64°
Feels Like: 64°
Van Wert
64° wxIcon
Hi: 85° Lo: 64°
Feels Like: 64°
Storm Chances Friday
WFFT Radar
WFFT Temperatures
WFFT National

Community Events