KNOWLEDGE BASE

A federal judge approved a $75 million loan Tuesday to keep Remington in business as it navigates Chapter 11 bankruptcy proceedings, court records show.

The 200-year-old gun maker filed in Delaware bankruptcy court Sunday, seeking to restructure a nearly $1 billion debt load after reporting weak sales throughout the year. The company turned a profit of just $21.6 million in 2016.

Sarah Foss, a legal analyst at Debtwire, told CNN Money the loan represents the”interim amount to get them through the interim period until they get to that final hearing on the additional amount that they’re going to need.” Remington asked for up to $338 million by April 29, according to CNN.

The Sporting Arms and Ammunition Manufacturers’ Institute approved Federal Premium Ammunition’s .224 Valkyrie as an official new cartridge, officially publishing SAAMI standards documents for the long range cartridge.

Free access to technical data and drawings for the new cartridge and chamber designs are now available via SAAMI’s website. The .224 Valkyrie, introduced to the industry in late 2017, is based on a 6.8 SPC case necked down to .22 caliber. The cartridge is designed to work best alongside modern sporting rifle platforms, allowing the rifles to shoot past 1,000 yards.

National gun rights and firearms industry groups are warning YouTube that its actions could estrange the video sharing platform from millions of users, and violate constitutional rights.

In response to YouTube’s pending policy updates on videos that include firearms content, the National Rifle Association, and National Shooting Sports Foundation are concerned the move could herald a comprehensive effort to ferret out lawful gun culture and separate it from the site.

“Millions of Americans watch YouTube videos every day to learn more about the safe and responsible use of firearms, and those videos show law-abiding gun owners participating in lawful behavior,” said the NRA in a statement. “By banning this content, YouTube is engaging in politically motivated censorship and alienating the millions of people who turn to the website for education and training.”

The Department of Justice unveiled a regulation late last week “effectively banning” bump stocks.

Attorney General Jeff Sessions said the new rule clarifies bump stocks fall under the definition of “machine gun” as it pertains to the National Firearms Act of 1934 and the Gun Control Act of 1968.

“Since the day he took office, President Trump has had no higher priority than the safety of each and every American,” Sessions said in a news release Friday. “That is why today the Department of Justice is publishing for public comment a proposed rulemaking that would define ‘machinegun’ to include bump stock-type devices under federal law—effectively banning them.”

Firearms manufacturer Remington Outdoor Company has filed for bankruptcy protection in the face of falling sales and lawsuits stemming from the 2012 Sandy Hook Elementary School shooting, the Wall Street Journal reported Sunday night.

According to the Journal, Remington announced that it would file for Chapter 11 last month but the actual filing was delayed after the Feb. 14 shooting at Marjory Stoneman Douglas High School in Parkland, Fla. that killed 17 people.

The paper reported that Remington officials plan to hand over the reins to its creditors in exchange for writing off most of the company's debt. Cerberus Capital Management LP bought Remington for $118 million in 2007, assuming $252 million in debt in the process.

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