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US Gunmaker Remington Files for Bankruptcy

U.S. firearms and ammunition manufacturer Remington has filed for bankruptcy protection in order to reorganize its operations and put in place a debt reduction deal with its creditors. The company filed its petition for the so-called Chapter 11 bankruptcy Sunday, six weeks after announcing an agreement to reduce its $950 million in debts while transferring ownership. Remington's filing listed both its debts and assets between $500 million and $1 billion. The company is one of...

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