Feb 9, 2018

Report: Gunmaker Remington considers bankruptcy

Dan Primack

Bushmaster rifle displayed at a recent trade exhibition. Photo by Ethan Miller/Getty Images.

Remington Outdoor Co., the firearms giant owned by private equity firm Cerberus Capital Management, is speaking with lenders about a prepackaged bankruptcy filing, according to Reuters.

Why it matters: This might be the merciful end to an albatross of an investment for Cerberus, which over-leveraged, over-consolidated and completely misjudged political and reputational risk. It also could put jobs at risk for some of the company's 3,000-plus employees.

Cerberus declined comment, via a spokesman.

Bottom line: "Remington’s sales plunged 27% in the first nine months of 2017, resulting in a $28 million operating loss... [They] 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."

Go deeper

Orion Rummler

Mass shooting in Milwaukee: What we know

Milwaukee Mayor Tom Barrett in 2012. Photo: John Gress/Corbis via Getty Images

Six people died in a shooting at the Molson Coors Brewing Company in Milwaukee on Wednesday, including the gunman, Mayor Tom Barrett told reporters at a Wednesday evening press conference with local police.

Details: All of the victims worked at the brewery complex, as did the shooter who died of "an apparent self-inflicted gunshot wound," police confirmed in a statement late Wednesday.

Go deeperArrowUpdated 7 hours ago - Politics & Policy
Axios

Coronavirus updates: South Korea case count tops 2,000

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,850 people and infected over 83,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 8 hours ago - Health
Dave Lawler

Syria's darkest chapter

Family room without a family, in Idlib. Photo: Muhammed Said/Anadolu Agency via Getty Images

The worst humanitarian crisis of Syria’s brutal civil war is colliding today with what could be the war’s most dangerous geopolitical showdown, after at least 29 Turkish troops were killed in an airstrike.

The big picture: The fighting is taking place in Idlib in northwest Syria, where a ferocious Syrian and Russian offensive has displaced 1 million civilians and infuriated Turkey, which borders the region.

Go deeperArrow10 hours ago - World