Remington, one of America's oldest gun makers, files for bankruptcy

The bankruptcy filing allows Remington to stay in business while restructuring its massive debt. The company has been planning to reduce its debt by $700 million through the Chapter 11 process and contribute $145 million to its subsidiaries.

Remington plans to keep on making guns. The company said, when it first announced its plan to file for bankruptcy in February, that operations “will not be disrupted by the restructuring process.”