# Remington Auctioned Off to Seven Bidders in Bankruptcy Court



## BackyardCowboy (Aug 27, 2014)

https://finance.yahoo.com/news/remington-auctioned-off-seven-bidders-015154516.html

TTAG: https://www.thetruthaboutguns.com/r...mington-ammo-franklin-armory-gets-bushmaster/

Bloomberg: https://www.bloomberg.com/news/arti...oned-off-to-seven-bidders-in-bankruptcy-court


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## RK3369 (Aug 12, 2013)

Did they ever publish what the primary reason for filing bankruptcy was? I know we were talking about the filing here a while back, but I don’t think there was ever an official statement about the cause? I can’t believe their overall sales hadn’t improved because gun sales have been booming this year? I think it’s a hedge against the Newtown shooting lawsuits, but that’s only a guess. Most of their business had already left NY so they must have taken steps to control costs of production.


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## Slowalkintexan (Feb 6, 2007)

When Cerberus bought them, they loaded them up with debt, on top of the debt left from the previous investment group....Common ‘trick’ ,,,,buy a company with assets and cash,,, take all the cash, and load them with unplayable debt. It seems to be done quite often.


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## RK3369 (Aug 12, 2013)

I guess it could have happened but I’m sure their lenders require them to limit debt loads. But whatever they did, someone figured out how to buy it and pull out as much asset value as possible, and then leave it in a smoldering heap afterwards. I’m still wondering if some of it is preemptive because of the Newtown lawsuits which are moving forward.


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