Remington Arms preparing to file for bankruptcy protection – WSJ

June 26 (Reuters) – Remington Arms Co, America’s oldest gun maker, is preparing to file for Chapter 11 bankruptcy protection and is in advanced talks for a potential sale to the Navajo Nation, the Wall Street Journal reported on Friday.

Remington is making preparations for the Native American tribe to serve as the lead bidder to purchase its assets out of Chapter 11, the Journal reported here, citing people familiar with the matter.

The report added that the filing could come with in days.

Remington had previously filed for bankruptcy protection in March 2018.

Remington and a representative for the Navajo Nation did not immediately respond to Reuters’ requests for comment. (Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel)

Source: Read Full Article