{"id":130793,"date":"2020-06-30T08:46:44","date_gmt":"2020-06-30T12:46:44","guid":{"rendered":"https:\/\/www.gunsamerica.com\/digest\/?p=130793"},"modified":"2020-06-30T08:46:44","modified_gmt":"2023-08-19T07:43:33","slug":"remington-complete-bankruptcy-sale-navajo-nation","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/remington-complete-bankruptcy-sale-navajo-nation\/","title":{"rendered":"Report: Remington in Talks to Complete Bankruptcy Sale to the Navajo Nation"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"600\" title=\"Report: Remington in Talks to Complete Bankruptcy Sale to the Navajo Nation\" src=\"https:\/\/www.gunsamerica.com\/digest\/wp-content\/uploads\/2016\/01\/Remington-SHOT-Show-1.jpg\" alt=\"Report: Remington in Talks to Complete Bankruptcy Sale to the Navajo Nation\" class=\"wp-image-50907\" srcset=\"https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2016\/01\/Remington-SHOT-Show-1.jpg 900w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2016\/01\/Remington-SHOT-Show-1-150x100.jpg 150w, https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2016\/01\/Remington-SHOT-Show-1-400x267.jpg 400w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><figcaption><em>The beleaguered company is rumored to be in talks with the Navajo Nation about another bankruptcy sale. <\/em><\/figcaption><\/figure>\n\n\n\n<p>Yes, you read that right.<\/p>\n\n\n\n<p>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 <a href=\"https:\/\/www.wsj.com\/articles\/gun-maker-remington-preps-for-bankruptcy-seeks-sale-to-navajo-nation-11593186468\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-complete-bankruptcy-sale-navajo-nation\" title=\"Report: Remington in Talks to Complete Bankruptcy Sale to the Navajo Nation\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"reported (opens in a new tab)\">reported<\/a> on Friday.<\/p>\n\n\n\n<p>Remington is one of America\u2019s oldest gun companies, but it\nhas faced legal and financial trouble in recent years. <\/p>\n\n\n\n<p>The company was able to cut $775 million in debt through its 2018 bankruptcy, but it has continued to face high-interest costs and \u201coperational issues,\u201d according to The Journal\u2019s sources who are \u201cfamiliar with the matter.\u201d<\/p>\n\n\n\n<p>Remington is also embroiled in a lawsuit brought by the families of victims of the Sandy Hook massacre. The Connecticut Supreme Court <a href=\"https:\/\/www.gunsamerica.com\/court-allows-sandy-hook\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-complete-bankruptcy-sale-navajo-nation\" title=\"Report: Remington in Talks to Complete Bankruptcy Sale to the Navajo Nation\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">ruled<\/a> last year that the suit could move forward based on Remington\u2019s advertising practices, and the U.S. Supreme Court <a href=\"https:\/\/www.gunsamerica.com\/supreme-court-sandy-hook-suit-proceed-remington\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-complete-bankruptcy-sale-navajo-nation\" title=\"Report: Remington in Talks to Complete Bankruptcy Sale to the Navajo Nation\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">declined to review<\/a> the decision.<\/p>\n\n\n\n<p>A potential buyer would be able to purchase Remington free from legal liabilities, people familiar with the matter told The Journal.<\/p>\n\n\n\n<p>Remington declined to comment on the bankruptcy settlement\nwhen reached by GunsAmerica. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">SEE ALSO: <a href=\"https:\/\/www.gunsamerica.com\/remington-reintroducing-bolt-action-50-caliber-rifle-as-the-r2mi\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-complete-bankruptcy-sale-navajo-nation\" title=\"Report: Remington in Talks to Complete Bankruptcy Sale to the Navajo Nation\">Remington Reintroducing Bolt-Action .50-Caliber Rifle as the R2MI<\/a> <\/h2>\n\n\n\n<p>Remington was acquired in 2018 by Franklin Resources Inc.\nand JPMorgan Chase (among others) when Cerberus Capital Management LP, and its subsidiary,\nFreedom Group, transferred ownership during a Chapter 11 bankruptcy deal. <\/p>\n\n\n\n<p>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 <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/navajotimes.com\/reznews\/nation-again-eyeing-remington\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-complete-bankruptcy-sale-navajo-nation\" title=\"Report: Remington in Talks to Complete Bankruptcy Sale to the Navajo Nation\" target=\"_blank\">Navajo Times<\/a>. Then-Navajo President Russell Begaye accused Council Speaker LoRenzo Bates of going behind his back to cut a deal with Remington. <\/p>\n\n\n\n<p>This year, the negotiations are similarly secretive. The Navajo Times reports that the tribe\u2019s 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">SEE ALSO: <a href=\"https:\/\/www.gunsamerica.com\/remingtons-unique-pistol-the-700-cp-full-review\/\" target=\"_blank\" class=\"clickTracking\" campaign=\"remington-complete-bankruptcy-sale-navajo-nation\" title=\"Report: Remington in Talks to Complete Bankruptcy Sale to the Navajo Nation\">Remington\u2019s Unique Pistol: The 700 CP Full Review<\/a> <\/h2>\n\n\n\n<p>The current Navajo president, Jonathan Nez, believes the\ndeal\u2019s approval process should have been more public. <\/p>\n\n\n\n<p>\u201cThe Remington proposal was first discussed among the Navajo\nNation leaders a couple years ago and was done behind the scenes,\u201d said Nez.\n\u201cThe Navajo public had legitimate concerns that they were not being made aware\nof the discussion and the transparency was lacking.&nbsp;&nbsp;Once again, the\nNavajo people demand that the committees who are discussing this proposal do so\nopenly, and not in executive session, because it is the Navajo people\u2019s money.\u201d<\/p>\n\n\n\n<p>The Navajo Nation already owns a set of business enterprises in industries including energy, transportation, and utilities. They did not respond to The Journal\u2019s request for comment, and there\u2019s no word what they would do with the company if they acquired it. <\/p>\n\n\n\n<h2 class=\"has-text-align-center wp-block-heading\">***<a href=\"https:\/\/gunsamerica.com\/\" campaign=\"BuySellGA_Register\" target=\"_blank\" class=\"clickTracking\">Buy and Sell on GunsAmerica!<\/a>***<\/h2>\n","protected":false},"excerpt":{"rendered":"<p>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.<\/p>\n","protected":false},"author":54,"featured_media":50907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[7,111,593,240],"tags":[132,617],"featured":[],"hunt365":[],"class_list":{"0":"post-130793","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gunsamerica-authors","8":"category-industry-news","9":"category-jordan-michaels","10":"category-this-week","11":"tag-buzz","12":"tag-industry-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Report: Remington in Talks to Complete Bankruptcy Sale to the Navajo Nation<\/title>\n<meta name=\"description\" content=\"Remington Arms Company is preparing to file for Chapter 11 bankruptcy for the second time since 2018 and is 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With family in Canada, he's seen first hand how quickly the right to self-defense can be stripped from law-abiding citizens. He escaped that statist paradise at a young age, married a sixth-generation Texan, and currently lives in Tyler. Got a hot tip? Send him an email at jordan@gunsamerica.com.","url":"https:\/\/gunsamerica.com\/digest\/author\/jordanmichaels\/"}]}},"featured_image_src":"https:\/\/gunsamerica.com\/digest\/wp-content\/uploads\/2016\/01\/Remington-SHOT-Show-1-150x100.jpg","_links":{"self":[{"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/posts\/130793","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/users\/54"}],"replies":[{"embeddable":true,"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/comments?post=130793"}],"version-history":[{"count":4,"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/posts\/130793\/revisions"}],"predecessor-version":[{"id":181157,"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/posts\/130793\/revisions\/181157"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/media\/50907"}],"wp:attachment":[{"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/media?parent=130793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/categories?post=130793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/tags?post=130793"},{"taxonomy":"featured","embeddable":true,"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/featured?post=130793"},{"taxonomy":"hunt365","embeddable":true,"href":"https:\/\/gunsamerica.com\/digest\/wp-json\/wp\/v2\/hunt365?post=130793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}