Remington Arms Exiting Bankruptcy Proceedings
SYRACUSE, NY (WRVO) - Remington Arms, a firearms manufacturer that employs roughly 900 people in the Mohawk Valley, has emerged from bankruptcy proceedings.
The company announced Thursday that it has successfully implemented a plan of reorganization that converts $775 million of debt into equity and establishes a new board of directors.
“It is morning in Remington country,” said Anthony Acitelli, Chief Executive Officer of Remington in a statement. “We are excited about the future – producing quality products, serving our customers, and providing good jobs for our employees.”
The company filed for Chapter 11 bankruptcy protection in March. In bankruptcy court documents, representatives for the company said Remington ramped up its firearms production in 2016 to meet an expected increase in demand in 2017, but that never materialized. Declining revenues then hampered its ability to cover expenses and debt.
Remington, headquartered in North Carolina, opened in the Herkimer County village of Ilion more than 200 years ago. The plant is still considered one of their most profitable facilities.