Jul 17, 2018

Remington

     The gun-maker opened a big plant in North Alabama, helped along by a hefty incentive from the state, with almost $70-Million, but the company is now in such financial difficulty it is seeking financing that would allow it to file for bankruptcy, reports Reuters:

"Remington, which is controlled by buyout firm Cerberus Capital Management LP, was abandoned by some of Cerberus’ private equity fund investors after one of its Bushmaster rifles was used in the Sandy Hook elementary school shooting in Connecticut in 2012 that killed 20 children and six adults." 

     Obviously what is needed is a buyer.....and an unlikely suitor has appeared. The Navajo Indians. So reports today's N.Y. Times.


"The Navajo Nation — which controls a $3.3 billion investment trust — sent a letter to Remington in May offering to buy the company for $475 million to $525 million, according to a draft of the letter reviewed by The New York Times. The tribe planned to pay for the purchase in cash."

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