U.S. banks provide rescue financing for gunmaker Remington

U.S. gunmaker Remington Outdoor Co has obtained commitments for nearly $300 million from its existing lenders, including some of the biggest U.S. banks, after new sources of funding dried up in the months leading up to its filing for Chapter 11 bankruptcy. During that time, the company’s investment bank, Lazard Ltd (LAZ.N), approached more than 30 possible lenders, according to court documents. “The vast majority of lenders contacted, however, indicated they were reluctant to provide financing to firearms manufacturers,” said Lazard banker Ari Lefkovits in the papers. Most of the banks providing the bankruptcy funding were lenders to Remington before its current financial problems, according to court records. Without the funds, Remington may have been forced to go out of business and the banks could have seen their investment crash in value. The company and its investors have been under heightened scrutiny after 17 were killed in a school shooting in Parkland, Florida in February...MORE