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Reuters reports Remington Outdoor Company seeking bankruptcy cash

Reuters releases a cloud of uncertainty over Herkimer County, reporting on Thursday that Remington Outdoor Company is reaching out to banks for the funding required to file for bankruptcy on the heels of going into forbearance after a missed coupon payment on its debt.

Posted: Feb 9, 2018 6:01 PM
Updated: Feb 9, 2018 6:21 PM

Reuters releases a cloud of uncertainty over Herkimer County, reporting on Thursday that Remington Outdoor Company is reaching out to banks for the funding required to file for bankruptcy, on the heels of going into forbearance after a missed coupon payment on its debt.

Remington Arms' designated public relations official didn't respond to our inquiry on Friday. From the United Mine Workers, the union that represents Remington Arms workers in Ilion, "no comment." Corporate-level information isn't flowing into the Ilion mayor's office, either.

"Anything that goes up to the upper level of management at the corporate level, we don't hear any of that at all. I wish we would have more direct line of communications at the high level. What they're thinking, what their plans are," says Mayor Terry Leonard.
As a former Remington employee, Leonard no longer has to worry about the now-volatile industry feeding his family. But, as mayor, he has to worry about it feeding hundreds of families.

"It's disturbing to read those," says Leonard. "I don't pretend to be a financial expert. You look at it again as just a way of restructuring," says a hopeful Leonard.

The head of the Herkimer County Legislature tries to look at recent reports through the same lens.

"Hopefully it's going to stabilize their footing as far as their financial situation," says Bernard Peplinski.

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