Yes, you read that right.
Remington Arms Company is preparing to file for Chapter 11 bankruptcy for the second time since 2018 and is in advanced talks with the Navajo Nation as a potential buyer, The Wall Street Journal reported on Friday.
Remington is one of America’s oldest gun companies, but it has faced legal and financial trouble in recent years.
The company was able to cut $775 million in debt through its 2018 bankruptcy, but it has continued to face high-interest costs and “operational issues,” according to The Journal’s sources who are “familiar with the matter.”
Remington is also embroiled in a lawsuit brought by the families of victims of the Sandy Hook massacre. The Connecticut Supreme Court ruled last year that the suit could move forward based on Remington’s advertising practices, and the U.S. Supreme Court declined to review the decision.
A potential buyer would be able to purchase Remington free from legal liabilities, people familiar with the matter told The Journal.
Remington declined to comment on the bankruptcy settlement when reached by GunsAmerica.
SEE ALSO: Remington Reintroducing Bolt-Action .50-Caliber Rifle as the R2MI
Remington was acquired in 2018 by Franklin Resources Inc. and JPMorgan Chase (among others) when Cerberus Capital Management LP, and its subsidiary, Freedom Group, transferred ownership during a Chapter 11 bankruptcy deal.
At that time, the Navajo Nation was rumored to be in talks to acquire the gun company, but a formal deal was never offered, according to Navajo Times. Then-Navajo President Russell Begaye accused Council Speaker LoRenzo Bates of going behind his back to cut a deal with Remington.
This year, the negotiations are similarly secretive. The Navajo Times reports that the tribe’s Budget and Finance Committee is considering a piece of legislation that approves a $300 million investment in an unnamed company, stating the deal is under a non-disclosure agreement.
SEE ALSO: Remington’s Unique Pistol: The 700 CP Full Review
The current Navajo president, Jonathan Nez, believes the deal’s approval process should have been more public.
“The Remington proposal was first discussed among the Navajo Nation leaders a couple years ago and was done behind the scenes,” said Nez. “The Navajo public had legitimate concerns that they were not being made aware of the discussion and the transparency was lacking. Once again, the Navajo people demand that the committees who are discussing this proposal do so openly, and not in executive session, because it is the Navajo people’s money.”
The Navajo Nation already owns a set of business enterprises in industries including energy, transportation, and utilities. They did not respond to The Journal’s request for comment, and there’s no word what they would do with the company if they acquired it.
Navajo Nation pulls out of deal according to Wall Street Journal
I will happily purchase another Remington from the Navajo Nation!
I think this is, on some level, political genius.
How can liberals object to native peoples, with a long history of mistreatment by the federal government, desire to own and manufacture firearms for their sovereign nation and any other free man wanting the ability to oppose an over-reaching, historically dishonest government of deal-makers that trampled their rights and freedoms. I can’t wait for the Libs to tell the world the Navajo Nation “you don’t need guns, the government will take care of you…”
As a “deplorable, flyover-country, bible and gun clinging hillbilly”… I can’t wait to hear the circular argument that will ensue.
I can find no fault with a sovereign Indian nation buying a controlling interest in a firearms company of long-standing reputation such as Remington. The more gun makers the better. Right?
America is going down the drain and flushing our rights along with it. We’ve become a nation of talkers and not doers, all while living under the myth that the cavalry will somehow come to the rescue, that is simply stinkin’ thinkin’. If Trump doesn’t win the next four years, then we are done and he can’t do it alone. If that happens, then kiss all your guns goodbye and be prepared to tell your grandkids about the old days when America was once free a few years ago and how we let it all slip away.
What! I thought selling guns to Injins was illegal? Oops, guess that joke wasn’t very PC… sorry, never mind.
HOW crappy of a CEO, COO do you have to be.. to file bankruptcy at a time all other gun manufacturers are selling out of stock, refilling and selling out again? I mean come on, everyone else is making a butt ton of money, and these fools run the company into the ground!
Amen…do what every other company does; bankrupt sell out and escape liability
For sure they could spin off companies a holding/sub company and isolate the damage. IE Rem ammo, rifle etc.. Someone does not want to fix it. hmm Sorros
Wikipedia indicates that the Original Founder was Eliphalet Remington II son of Eliphalet Remington whose roots are in Yorkshire England.
Freedom group is George Soros. He hates America. Anything he does isn’t good for America.
“U.S. Supreme Court declined to review the decision.” This opens the door for vehicular manslaughter and numerous other frivolous lawsuits. Wake up America, your right to bear arms is going to go away.
Like hell it is!!!
Actually, by declining to further review the matter, they are forcing the lower court to make the decision instead of passing the buck on. Once the case is heard, it will launch another round of legal maneuvers regardless of the outcome.
Now we have to do the same thing to get the Death Penalty moving quicker.
Why not have the Navajo Nation purchase the company? 1) They are sovereign, immune to lawsuits. 2) They can then defend themselves against terrorists such as antifa. 3) If it doesn’t work out, we can take it back by force, as we did with their grandfathers.
Joseph, I would not suggest that you attempt to take anything back from Native Americans by “force” ever again as you may not like the consequences this time. Last time the Native Americans had to deal with the corrupt and greedy US government with failed treaties, this time the law is on their side not yours.
You were on track until #3. That was a stupid thing to say..
That was not funny Hendrick re Indians grandfathers.
I understand the transfer of ownership to a “sovereign nation” for liability purposes, but what is the agenda of the Navajo Nation regarding firearms? Will they bow to semiautomatic weapons bans and magazine restrictions? There’s a rumor that some in the Navajo heirarchy are proponents of “smart gun” technology and want to force that on Remington products. A lot of dangerous unknowns here…..
Am I the only one who finds it curious that the Navajo nation cannot afford to have running water and power for its residents, but can afford $300M to buy Remington?
Was just about to make this same comment when I came across yours. Well said.
From where did the 300 MILLION come from? Liberals buying it under the indian name?
The Navajo Nation is no different than any other corporation, they only think about their bottom line, not anything about the living conditions of their people. Indians have their own version of the political elite the same as we do. The elite believes that ordinary people exist to serve and do not deserve the opportunity to rise above their station in life. This is what revolutions are made of.
Perhaps the Remington Co. will go back to the original founders…….That would be special.