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COURT APPROVES $75 MILLION LOAN TO KEEP REMINGTON AFLOAT
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.