No jobs losses in Ilion from Remington Arms bankruptcy filing: Tenney

A JAN. 15 2013 FILE

Remington, which employs 3,500 people, is among the largest makers of guns and ammunition in the country. Regardless, sales were down 30 percent past year and the company has fallen on hard times.

Despite being one of the best-known gunmakers in the world, Remington found itself drowning in massive debt, falling back on a Chapter 11 filing to reduce its liability by $620 million.

"The Sandy Hook families will need to file a motion asking the bankruptcy judge to lift the stay and to issue an order allowing the case to proceed in CT", said Matthew Beatman of Zeisler & Zeisler of Bridgeport.

Remington, based in North Carolina, will continue to operate while it pursues Chapter 11 bankruptcy protection. Since 2007, Remington has been owned by private equity firm Cerberus Capital Management, which combined it with several other gun manufacturers to form the so-called "Freedom Group".

In the bankruptcy plan, Remington lists corporate backlash as a possible risk that could impact future earning potential.

Jim Tooker has lived in the area his whole life, but like many says the writing has been all the wall for local manufacturing for years and the decision by Remington to declare bankruptcy is why he believes it'll only get worse from here.

A JAN. 15 2013 FILE
It was not immediately clear what would happen to the company’s 3,500 employees as Remington reorganizes

Remington reportedly has between $100 million and $500 million in assets and the same range of debt. The company is now teetering on the edge of bankruptcy (AP) Terrified children are evacuated from Sandy Hook Elementary School following the 2012 massacre there.

Stephen Jackson, Remington's chief financial officer, said in the filing that the company has seen a significant decline in revenue and sales over the last 12 months.

The filing by Remington Arms Company and its parent, Remington Outdoors, was disclosed late Sunday night on the website of the United States Bankruptcy Court in Delaware.

Remington has also been hit with lawsuits from individuals claiming some guns are defective; the company has voluntarily recalled some of its models. At the time, Jim Geisler, Remington's executive chairman, commented, "Difficult industry conditions make today's agreement prudent". That weapon was a Smith & Wesson, made by a unit of American Outdoor Brands Corp.

The rallies were organized by the prominent, student-led coalition of survivors of the school shooting in Parkland, Florida, on February 14 that galvanized a generation to mobilize on the issue of gun control.

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