Remington gets $75 million lifeline in bankruptcy

(CNN/Money) A federal judge approved $75 million worth of loans to Remington so the company can keep making guns as it works through bankruptcy, according to court documents.

The firearms company filed for Chapter 11 bankruptcy protection earlier this week after more than 200 years in business.

The loan will allow Remington to continue pursuing a deal to cut as much as $620 million in debt. The company succumbed to a plunge in demand for guns that has dragged down the industry.

Remington has asked for loans totaling $338 million to be approved by April 29, but only a portion has been approved so far.



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