Remington’s (de)faulty trigger

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As many are aware, Remington filed for Chapter 11 bankruptcy protection earlier this year. It would seem odd given that gun sales had trended sharply higher since Obama took office. However Trump’s victory led to lowered risk of tighter gun controls meaning many dealers were stuffed with excess inventory leading up to the election which hit sales for Remington. Added to that, Remington’s high debt load caused it to seek remedial action through the courts to sort the mess. The $620m in debt will be forgiven in place of a $145m injection and shares in the new company. However tied up in the mess are victims filing a class action lawsuit against Remington’s Model 700 which had a design fault that led to unintentional discharge injuring and in some cases killing the owners. Despite the reorganization plan there are calls for the plaintiffs to get 100 percent of their $163 million in claims against Remington.

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