The Malta Independent 15 August 2020, Saturday

Remington files for bankruptcy again

Wednesday, 29 July 2020, 12:25 Last update: about 17 days ago

Market summary:

The Maltese market closed in the green on Tuesday, with the MSE total index ending the session 0.127% higher to 8,121.453 points. The best performer was Mapfre Middlesea plc with a 6.93% surge to close at 2.16, followed by 2.2% increase of Malita Investments plc to 0.93. The biggest fall was seen from HSBC Bank Malta plc, it dropped 2.11% to close at 0.93, followed by 1.23% slid of BMIT Technologies plc with closing price of 0.48.

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Stocks in Europe were little changed overall on Tuesday. By the end of trading, the benchmark Stoxx 600 was ahead 0.42% to 367.68, alongside a 0.03% dip on the German Dax to 12,835.27, although the Spanish Ibex 35 managed to rebound by 1.06% to 7,246.40.

Wall Street stocks closed lower on Tuesday amid stimulus headlines and another slab of corporate earnings. The Dow Jones Industrial Average was down 0.77% at 26,379.28, while the S&P 500 was 0.65% softer at 3,218.44 and the Nasdaq Composite saw out the session 1.27% weaker at 10,402.09.

U.S. gunmaker Remington files for bankruptcy again.

Remington Arms Co filed for Chapter 11 bankruptcy protection for the second time in two years as the U.S. gunmaker faced financial troubles partly because some retailers placed restrictions on gun sales after school shootings.

In the filing, the company listed its assets and liabilities both in the range of $100 million to $500 million.

The gunmaker has filed for bankruptcy before in 2018 after sales faltered and the company had trouble meeting requirements of its lenders. It exited bankruptcy protection the same year under the ownership of its creditors.

U.S. retailers have placed restrictions on gun sales after school shootings, hurting manufacturers such as Remington. A Remington Bushmaster rifle was used in the Sandy Hook elementary school shooting in Connecticut in 2012 that killed 20 children and six adults, making it central to debates over gun policy.

Remington has been trying to dismiss a lawsuit filed by the families of the victims related to the marketing of the company’s guns. It is scheduled to go on trial next year. 

This article was issued by Nadiia Grech, Trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.

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