Navajo Nation To Acquire Oldest Gun-Maker After Declaration Of Bankruptcy And Sandy Hook Lawsuit
Navajo Nation will acquire Remington after filing for chapter 11 bankruptcy for the second time. The tribe offered to buy the company in 2018 when the company declared bankruptcy for the first time. However, the offer did not materialize as the company sought other means of survival such as cost-cutting measures. Some of the creditors such as Franklin Templeton Investments and JPMorgan Asset Management took ownership of the company and Remington managed to reduce debt by $775 million.
Remington is renown for the manufacture of hunting and shooting sports firearms, as well as supplies for the military and law enforcement. After the acquisition, Najavo Nation intends to stop the production of AR-15s but instead focus on the manufacture of hunting rifles. The new owners will also concentrate on defense contracts and equipment supply for law enforcement and the military. The company will also start the development and manufacture of smart guns.
Although Navajo is the preferred buyer, the decision will require approval by the court. Remington must also accept competing offers. The company is not the first to be bought by Najavo Nation after declaring bankruptcy. The tribe bought Cloud Peak Energy in 2019 under similar circumstances.
The gun-maker faces an expensive lawsuit from Sandy Hook families who accuse the company of negligence from the incident. The company got implicated after a Bushmaster AR-15 was stolen and used in the shooting that claimed 28 lives. Gun control activists used the event to campaign for more gun control and harass retailers forcing many them to cut back on self-defense equipment.
Despite the challenges, the successful buyer will take over the company without any legal liabilities for the events that took place prior to its acquisition.
Although the company will continue to operate after the sale, the event will affect many firearm owners who depended on the company.
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