Moorlander Posted March 26, 2018 Report Share Posted March 26, 2018 Surprised this hasnt been mentioned already , will it get bought out rescued ? https://www.usatoday.com/story/money/2018/03/26/gun-maker-remington-americas-oldest-files-chapter-11-bankruptcy/457709002/ Link to comment Share on other sites More sharing options...
Chris-NZ Posted March 27, 2018 Report Share Posted March 27, 2018 It's important to realise that a company being declared "bankrupt " in the US is rather different to the UK (from what I understand) or here in NZ. That status is less dire in the US, ie, there is still a chance of survival. Link to comment Share on other sites More sharing options...
Moorlander Posted March 27, 2018 Author Report Share Posted March 27, 2018 Aware of that but it still does not bode well, the logistics of their vast product range must be difficult to manage ,maybe it would be better for all if they dropped their low end junk and concentrated on some quality products. Link to comment Share on other sites More sharing options...
Akeld Posted March 27, 2018 Report Share Posted March 27, 2018 Donald Trump has been chapter 11 bankrupt a few times, doesn't seemed to have done him any harm Link to comment Share on other sites More sharing options...
Moorlander Posted March 27, 2018 Author Report Share Posted March 27, 2018 I doubt Trump has ever been bankrupt , several of his companies yes , a very different thing. Link to comment Share on other sites More sharing options...
VarmLR Posted March 28, 2018 Report Share Posted March 28, 2018 On 27/03/2018 at 7:36 AM, Chris-NZ said: It's important to realise that a company being declared "bankrupt " in the US is rather different to the UK (from what I understand) or here in NZ. That status is less dire in the US, ie, there is still a chance of survival. Yes, as Remington have not actually declared bankruptcy or gone bust. What they've done is to protect themselves from any creditors declaring them bankrupt (and hence sinking their company) . In the USA, declaring "Chapter 11" protects them from this. It's not as big a deal as it seems, and has been done numerous times in the past during hard times. Look at a list of companies that have come close to bankrupcy...these include Apple (1997), General Motors (2008, who also declared Chapter 11), and Sbarro who declared Ch11 in order to re-organise in 2011. They've all gone on to do rather well... In practical terms, filing for Ch11 means that they've declared that their current assets are worth less than they owe to creditors, but are also undertaking to repay their debts within a certain timeframe, in this case possibly with some injection of cash from other investors. If they fail to do this, then they can be declared bankrupt but not until then. Without this declaration they could be declared bankrupt, broken up and assets sold off. Unfortunately for Remington, the LA shootings did them no favours, really rather unfairly so when all the facts are examined... Link to comment Share on other sites More sharing options...
Moorlander Posted March 29, 2018 Author Report Share Posted March 29, 2018 Similar to being in administration in the UK , and we all know where that usually ends Link to comment Share on other sites More sharing options...
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