Beleaguered gunmaker Remington points to bankruptcy court

Courts and the Judiciary

Beleaguered gunmaker Remington points to bankruptcy court

Remington, the gunmaker beset by falling sales and lawsuits tied to the Sandy Hook Elementary School massacre, has reached a financing deal that would allow it to continue operating as it files for Chapter 11 bankruptcy protection.

The maker of the Bushmaster AR-15-style rifle used in the Connecticut shooting that left 20 first-graders and six educators dead in 2012, said Monday that the agreement with lenders will reduce its debt by about $700 million and add about $145 million in new capital.

The company will attempt to file a prepackaged reorganization plan with the U.S. Bankruptcy Court of Delaware under Chapter 11 of the bankruptcy code.

Remington Outdoor Co., based in Madison, North Carolina, said that business won't be disrupted as it restructures its finances.

Ohio court to hear online charter school's funding case

The survival of one of the nation's largest virtual charter schools is on the line when the Ohio Supreme Court hears arguments Tuesday in a case that could have broader impact on accountability for other e-schools.

The Electronic Classroom of Tomorrow challenges how Ohio tallied students' participation to determine the online school should repay $60 million or more.

The state says ECOT didn't provide data from students' online work to justify the school's full public funding in recent years.

ECOT argues that state law calls for calculating charter-school funding based on enrollment, not participation, and that Ohio's Department of Education effectively changed the criteria without legal authority.

After the state started recouping funding, the e-school of some 12,000 students was abruptly closed last month as it ran out of money.

Related listings

New York Commercial Litigation Law Firm - Woods Lonergan PLLC

Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.