Remington, America’s oldest gun company, is reportedly headed to bankruptcy and is in talks with the Navajo Nation as to its post-Chapter 11 future.
The firearms maker, with operations in several states in addition to their flagship factory in Ilion, New York, could file for bankruptcy protection from creditors within days, reported the Wall Street Journal last week. A favored buyer for the company could be the 350,000-member Navajo Nation.
As a sovereign nation under the Navajo Sovereign Immunity Act, the tribe is largely insulated against personal injury claims, which have to be filed in the Nation’s own courts, a factor that could help Remington in persistent civil filings.
The Navajo Nation reportedly offered Remington between $475 million and $525 million in cash in 2018 just after it emerged from restructuring, a deal which was declined at the time.
Founded in 1816 by Eliphalet Remington, “Big Green” today has plants in several states and maintains a corporate headquarters in North Carolina. While they have increasingly been expanding operations in a new mega factory in Huntsville, Alabama since 2014, the company also maintains operations in Southaven, Mississippi and Sturgis, South Dakota.
Notably, the company’s New York plant was forced to shutter by order of Gov. Andrew Cuomo due to COVID-19 restrictions earlier this year.
www.guns.com
The firearms maker, with operations in several states in addition to their flagship factory in Ilion, New York, could file for bankruptcy protection from creditors within days, reported the Wall Street Journal last week. A favored buyer for the company could be the 350,000-member Navajo Nation.
As a sovereign nation under the Navajo Sovereign Immunity Act, the tribe is largely insulated against personal injury claims, which have to be filed in the Nation’s own courts, a factor that could help Remington in persistent civil filings.
The Navajo Nation reportedly offered Remington between $475 million and $525 million in cash in 2018 just after it emerged from restructuring, a deal which was declined at the time.
Founded in 1816 by Eliphalet Remington, “Big Green” today has plants in several states and maintains a corporate headquarters in North Carolina. While they have increasingly been expanding operations in a new mega factory in Huntsville, Alabama since 2014, the company also maintains operations in Southaven, Mississippi and Sturgis, South Dakota.
Notably, the company’s New York plant was forced to shutter by order of Gov. Andrew Cuomo due to COVID-19 restrictions earlier this year.
Remington Reportedly Headed to Bankruptcy :: Guns.com
Remington, America's oldest gun company, is reportedly headed to bankruptcy and is in talks with the Navajo Nation as to its post-Chapter 11 future.
www.guns.com
