WASHINGTON, March 26 (Xinhua) -- Remington Outdoor Company, the oldest and largest gunmaker in the United States, filed for chapter 11 bankruptcy protection on Sunday in the U.S. Bankruptcy Court in Wilmington, Delaware.
The company's board of directors said the decision was made after considering the company's financial and operational condition.
"Directors have determined that...it is desirable and in the best interests of the Company and its respective creditors, equity holders, employees, and other parties-in-interest that the Company file or cause to be filed a voluntary petition for relief under the provisions of chapter 11 of title 11 of the United States Code (the "Bankruptcy Code")," according to the board's statement on March 20.
Remington plans to reduce its total debt of over 950 million U.S. dollars and to confirm its bankruptcy plan by May 3.
The bankruptcy court would hold hearings starting Tuesday.
The court filing happened one day after the nationwide March for Our Lives rally against gun violence in honor of the 17 students and faculty members killed at Marjory Stoneman Douglas High School in Florida.
Remington was sued by families of victims of the Sandy Hook elementary school shooting which happened in December 2012.
Along with other manufacturers, the company was accused of manufacturing and marketing the AR-15 style rifle used by the perpetrator to kill twenty children and six adults.
