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Exclusive: U.S. gunmaker Remington seeks financing to file for bankruptcy: sources Andrew Berlin, Jessica DiNapoli

(Reuters) – Remington Outdoor Company Inc, one of the largest U.S. makers of firearms, has reached out to banks and credit investment funds in search of financing that will allow it to file for bankruptcy, people familiar with the matter said on Thursday.

 Image result for FILE PHOTO: People look over Remington rifles and shotguns during the annual SHOT (Shooting, Hunting, Outdoor Trade) Show in Las Vegas January 15, 2013. REUTERS/Las Vegas Sun/Steve MarcusFILE PHOTO: People look over Remington rifles and shotguns during the annual SHOT (Shooting, Hunting, Outdoor Trade) Show in Las Vegas January 15, 2013. REUTERS/Las Vegas Sun/Steve Marcus

The move comes as Remington reached a forbearance agreement with its creditors this week following a missed coupon payment on its debt, the sources said. The company has been working with investment bank Lazard Ltd (LAZ.N) on options to restructure its $950 million debt pile, Reuters reported last month.
Remington is seeking debtor-in-possession financing that will allow it to fund is operations once it files for bankruptcy, the sources said. The size of the financing and timing of Remington’s bankruptcy plans could not be learned.

FILE PHOTO: People look over Remington rifles and shotguns during the annual SHOT (Shooting, Hunting, Outdoor Trade) Show in Las Vegas January 15, 2013. REUTERS/Las Vegas Sun/Steve Marcus

The move comes as Remington reached a forbearance agreement with its creditors this week following a missed coupon payment on its debt, the sources said. The company has been working with investment bank Lazard Ltd (LAZ.N) on options to restructure its $950 million debt pile, Reuters reported last month.
Remington is seeking debtor-in-possession financing that will allow it to fund is operations once it files for bankruptcy, the sources said. The size of the financing and timing of Remington’s bankruptcy plans could not be learned.
Some potential financing sources, including credit funds and banks, have balked at coming to Remington’s aid because of the reputation risk associated with such a move, according to the sources.
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.
The sources asked not to be identified because the deliberations are confidential. Remington did not respond to several requests for comment. Cerberus declined to comment.
Credit rating agencies have warned that Remington’s capital structure is unsustainable given its weak operating performance and significant volatility in the demand for firearms and ammunition.

LAZ.NNEW YORK STOCK EXCHANGE
-0.41(-0.76%)
LAZ.N
  • LAZ.N

Remington’s sales have declined in part because of receding fears that guns will become more heavily regulated by the U.S. government, according to credit ratings agencies. President Donald Trump has said he will “never, ever infringe on the right of the people to keep and bear arms.”
The Madison, North Carolina-based gun manufacturer faces a maturity of an approximately $550 million term loan in 2019. Remington also has $250 million of bonds that come due in 2020 and are trading at a significant discount to their face value at around 16 cents on the dollar, according to Thomson Reuters data, indicating investor concerns about repayment.
The term loan maturing next year is also trading at a significant discount to full value, at around 50 cents on the dollar, the sources said.
Remington’s sales plunged 27 percent in the first nine months of 2017, resulting in a $28 million operating loss.

Reporting by Andrew Berlin in New York and Jessica DiNapoli in Las Vegas; Editing by Cynthia Osterman

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The Development of the WW II German Assault Rifle

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Preview YouTube video Evolution of the Sturmgewehr: MP43/1, MP43, MP44, and StG44

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Looks like something from Star Wars “Death Star” huh?

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BROWNING SAFARI .308 NORMA MAGNUM








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The Fighting Man's Gear thru the Years

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History of war uniforms in one image.

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Parents of slain Pizza Hut robber angry that victim used a gun against him By Thomas Lifson

Self-defense is regarded as a right deriving from natural law. But that offers no justification to the parents of Michael Grace, Jr. of Charlotte, NC, who was shot to death while attempting to rob a Pizza  Hut. CBS North Carolina reports:

It’s been a difficult week for parents Temia Hairston and Michael Grace Sr. Their son, Michael Grace Jr., was shot and killed during an attempted robbery early Sunday morning.

I sympathize. It is a terrible thing to lose a child. That is a wound that will not heal.

Police said Grace Jr. and two other people tried to rob a Pizza Hut in the 3200 block of Freedom Drive. During the incident, an employee fired his own handgun and killed Grace Jr.
Hairston said she learned of her son’s death on social media, and only got confirmation from police after contacting them first. The grieving mother said she has been left with dozens of questions about the situation that have thus far gone unanswered.

“If there was to be a death, it was not the place of the employee at Pizza Hut. That is the place of law enforcement,” said Hairston.


So far as I know, no jurisdiction in the United States has the death penalty for robbery. And police nearly everywhere are extremely reluctant to use a gun on a robbery suspect, owing to the violent protests that have followed police killings of suspects. Ferguson, Missouri, for example.

Hairston and Grace Sr. acknowledged that their son was breaking the law by robbing the business, and said they definitely don’t condone what he did.
“It was an act of desperation, but I do not believe that Michael would have hurt anyone,” said Hairston.

I am sorry, but robbing someone requires at least the threat of violence. If one asks for money without threatening violence, it is called “begging.” I don’t think it ought to be a capital crime, but the risks inherent in threatening violence belong on the sholders of the perpetrator.
I realize that state laws differ considerably as to the justification for a crime victim employing firearms or other violence. In California, for instance, a home can be invaded by thieves, and the residents cannot use a firearm unless they can prove that they legitimately feared for their lives and there was no escape avenue available. To my mind, this sort of law constitutes an incentive to criminals, for it reduces the risk of a home invasion.
I may be an extremist, but it seems to me that if one decides to commit a crime, the victims should have more rights than the perpetrator, especially the right to defend themselves from the presumption of violence that accompanies a robbery, home invasion, or other property crime.
Hat tips: Bearing Arms and Glenn Reynolds, Instapundit
Read more: http://www.americanthinker.com/blog/2018/02/parents_of_slain_pizza_hut_robber_angry_that_victim_used_a_gun_against_him.html#ixzz56LfZMgjH
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The End of an ERA!?! The Browning Hi Power News

The Legendary Browning ‘Hi Power’ Pistol Ends Production

The handgun, which served in 50 armies over the past 85 years, will no longer be made.

CANADIAN ARMED FORCES

Small arms manufacturer Browning has ended production of the Browning Hi Power semiautomatic handgun. The legendary pistol served in armies worldwide, from Nationalist China to the British Special Air Service and was one of the first high capacity pistols ever invented.

An invention of prolific arms designer John Moses Browning, the Hi Power was the inventor’s last pistol design.

As noticed by The Firearm Blog, the pistol‘s product page was quietly changed to include the words, “no longer in production” and the prices were removed. The Hi Power pistol was in continuous production for 82 years.

BROWNING

The Hi Power was the brainchild of American small arms legend John Moses Browning, a prolific inventor who also created the M2 .50 caliber machine gun, still in use with U.S. military forces today.

He also invented the M1911 handgun, the U.S. military’s standard sidearm for nearly 70 years, and literally dozens of other pistols, shotguns, rifles, machine guns, and even a cannon.

Browning was working on the Hi Power when he died in 1926, and the gun was eventually finished and sold by his manufacturing partners in Belgium in 1935.

The Hi Power had little in the form of commercial success before World War II, but was used by both sides during the war.

Belgium’s surrender to Nazi Germany saw plans for the gun smuggled out of the country to Canada, where they were built for Nationalist Chinese forces and British and Canadian paratroopers and special forces.

The tooling left behind in occupied Belgium went on to produce handguns for German military forces, particularly paratroopers and the Waffen SS.

After the war the gun was sold to civilians and armed forces, particularly those belonging to NATO, and eventually more than 50 armies and 93 nations adopted the Hi Power as their standard sidearm. More than a million Hi Powers were eventually produced.

A British intelligence officer packs away his Browning Hi Power while in 1970s Northern Ireland.

GETTY IMAGESALEX BOWIE

 

The Hi Power was in many ways the Glock of its day. Easy to disassemble and with a large magazine capacity, the Hi Power was a leap ahead from contemporary gun designs when it was first introduced in 1935.

The Hi Power used many features in Browning’s other famous pistol, the 1911A1 but showed considerable refinement, including such features as a twin-row, double-stack magazine that accommodated 13 rounds of nine-millimeter ammunition.

That was up to twice as much ammo as other semiautomatic pistols and is where the pistol gets the name “Hi Power”.

The Hi Power was eventually outclassed by other handguns in its class such as the Glock 17, Sig Sauer P226, and Smith & Wesson M&P, that offered modern features at a lower price point.

Unusually, the Hi Power was never updated with modern features such as an accessory rail, night sights, and the use of polymers. John Browning’s last pistol stayed true to form until the very end.