By : Oneindia Video Team
Published : March 27, 2018, 12:39
Duration : 00:58
American gun maker 'Remington' files for bankruptcy
America's oldest gunmaker, Remington Outdoor, filed for Chapter 11 to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control. Remington Outdoor and other gunmakers have suffered from slumping sales in the past year and the filing comes after some big US companies took steps to restrict firearm sales. Remington sought Chapter 11 to cut its debt. Last month, it said it would reduce its $950 million debt load in a deal that would transfer control of the company to creditors.