US gunmaker Remington has filed for bankruptcy, as the more than 200-year-old firearms manufacturer vies to restructure its massive debts.
"Directors have determined that it is advisable and in the best interests of the Company that the Company file, or cause to be filed, a Voluntary Petition commencing the Chapter 11 Case," the bankruptcy filing says.
Remington had announced it would file for bankruptcy in February, just two days before a shooting at a Parkland, Florida high school killed 17 people and reignited a national debate on gun control.
The restructuring agreement will allow Remington to reduce some USD 700 million of its consolidated debt, according to the company, as well as inject a contribution of USD 145 million of new capital into its operating subsidiaries.
In February Remington said its "business operations will continue to operate in the normal course and will not be disrupted by the restructuring process."
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