Tag: Bankrupt

Vista Outdoor to buy bankrupt gunmaker Remington’s ammunition business

(Reuters) – Vista Outdoor Inc said on Monday it would buy some parts of U.S. gunmaker Remington Outdoor Co Inc’s ammunition and accessories businesses for about $81 million.

Remington in July filed for Chapter 11 bankruptcy protection for the second time in two years as it faced financial troubles partly because some retailers placed restrictions on gun sales after school shootings in the United States.

“By rescuing the Remington ammunition businesses from bankruptcy, we will protect hundreds of jobs, support wildlife and habitat conservation and ensure that hunting and shooting sports enthusiasts can continue,” Vista Outdoor Chief Executive Officer Chris Metz said in a statement.

Vista Outdoor was one among the many bidders in the auction process of Remington’s Chapter 11 bankruptcy cases pending in the United States Bankruptcy Court for the Northern District of Alabama.

Remington’s rifle was used in the Sandy Hook elementary school shooting in Connecticut in

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3 Energy Stocks That Could Go Bankrupt in 2020

Plunging crude oil prices earlier this year have created a financial tsunami that washed over the energy sector. That left a wave of destruction in its wake. Several companies had to file for bankruptcy, led by notable names like shale pioneer Chesapeake Energy and leading offshore driller Valaris.

Unfortunately, the energy sector’s bankruptcy wave seems far from over. Several more could file before the year ends, including Transocean (NYSE:RIG)Oasis Petroleum (NYSE:OAS), and Nabors Industries (NYSE:NBR).

A sign that says bankruptcy ahead.

Image source: Getty Images.

The next domino to fall

This year’s oil price plunge has wreaked havoc on the offshore drilling sector, causing a wave of bankruptcies that have engulfed the industry. Not only has Valaris gone under, but Dimond Offshore Drilling and Noble Corporation also filed. That washout will likely continue as Transocean seems like the next in line to join its peers in the bankruptcy process.

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