U.S. weapons manufacturer Remington Outdoor Co Inc. said yesterday that it had emerged from chapter 11 bankruptcy with less debt and more stable financing that may help it ride out a slowing market for firearms, Reuters reported. Remington, America’s oldest gunmaker, filed for bankruptcy protection in March, weeks after a shooting at a high school in Parkland, Florida killed 17 people and triggered intensified campaigns for gun control by activists. Under the reorganization plan, inked two days before the Feb. 14 Parkland shooting, creditors including JPMorgan Chase & Co. and Franklin Advisors will take ownership stakes in the company in exchange for forgiving more than $775 million of debt. Remington also received a $193 million new lending package funded by seven banks, including Bank of America Corp.
