Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Bank of America    BAC

BANK OF AMERICA (BAC)
My previous session
Most popular
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsTweetsMarketScreener Strategies

U.S. gunmaker Remington exits bankruptcy in tough gun climate

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/17/2018 | 07:37pm CET
Remington shotguns are displayed during the annual National Rifle Association (NRA) convention in Dallas, Texas

(Reuters) - U.S. weapons manufacturer Remington Outdoor Co Inc said on Thursday it had emerged from Chapter 11 bankruptcy with less debt and more stable financing that may help it ride out a slowing market for firearms.

Remington, America's oldest gunmaker, filed for bankruptcy protection in March, weeks after a shooting at a high school in Parkland, Florida killed 17 people and triggered intensified campaigns for gun control by activists.

Under the reorganization plan, inked two days before the Feb. 14 Parkland shooting, creditors including JPMorgan Chase & Co and Franklin Advisors will take ownership stakes in the company in exchange for forgiving more than $775 million (£573.3 million) of debt.

Remington also received a $193 million new lending package funded by seven banks, including Bank of America Co.

"It is morning in Remington country," Chief Executive Anthony Acitelli said in a statement.

Investors in Cerberus Capital Management LP, the previous owner, had urged the private equity fund to sell Remington after its Bushmaster rifle was used in a school shooting in 2012 in Sandy Hook, Connecticut, in which 20 children died.

Remington has said its bankruptcy would not affect lawsuits against it, including one filed by the families of Sandy Hook victims. It is also appointing a new board of directors.

Remington's bankruptcy was partly triggered by a decline in gun sales as President Donald Trump's election eased firearm enthusiasts' worries about increased regulation.

Following the Parkland shooting, companies such as Delta Air Lines Inc, Dick's Sporting Goods Inc and Walmart Inc cut ties with gun-rights groups or restricted sales of weapons.

Bank of America has hinted that it may sell its participation in Remington's exit financing package.

"These companies have a real opportunity to solidify a brand that is in sync with what customers want now and in the future," said gun control advocate Igor Volsky. He called Parkland "a tipping point for Americans waking up and saying that guns are a real problem."

Distressed investors who normally view bankruptcies as an opportunity to obtain equity in a restructured company on the cheap largely stayed away from Remington.

"Because it filed for Chapter 11 just weeks after the tragic Parkland shooting, Remington became the hot potato that many investors did not want to touch," restructuring attorney Vincent Indelicato of Proskauer Rose said in an email.

(Reporting by Tracy Rucinski in Chicago; Editing by Bernadette Baum and Richard Chang)

By Tracy Rucinski

Stocks mentioned in the article
ChangeLast1st jan.
BANK OF AMERICA -1.33% 27.38 Delayed Quote.-6.00%
DELTA AIR LINES -1.39% 55.41 Delayed Quote.0.34%
DICKS SPORTING GOODS INC -2.94% 34.38 Delayed Quote.23.24%
JP MORGAN CHASE & COMPANY -2.15% 108.45 Delayed Quote.3.64%
WAL-MART STORES -2.71% 94.16 Delayed Quote.-1.99%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BANK OF AMERICA
11/20BANK OF AMERICA : Names Jennifer Chandler Dallas Market President
PU
11/20BANK OF AMERICA : Juhl Energy Partners With GE Renewable Energy to Build First-o..
PU
11/20Deutsche Bank Handled $150 Billion of Potentially Suspicious Flows Tied to Da..
DJ
11/20BANK OF AMERICA : Clients Sent and Received $4.3 Billion Using Zelle in October
AQ
11/20Global Stocks Slip as Tech Shares Extend Declines
DJ
11/20Global Stocks Slip as Tech Shares Extend Declines
DJ
11/20Danske whistleblower says big European bank handled $150 billion in payments
RE
11/19BANK OF AMERICA : An amendment to a SC 13D filing
PU
11/19Danske whistleblower says big European bank handled $150 billion in payments
RE
11/19BANK OF AMERICA : Form of prospectus filed in connection with primary offering o..
PU
More news
News from SeekingAlpha
11/20CITIGROUP : Not Necessarily Cheaper Than Its Peers 
11/20MERRILL BROKER PAY PLAN MAY ENCOURAG : Wsj 
11/20DEUTSCHE BANK HANDLED ABOUT $150B OF : Wsj 
11/20PacWest Bancorp's Merger With El Dorado Savings Bank Offers Significant Upsid.. 
11/20TOP HOLDINGS OF DIVIDEND ETFS (PART : The Top 50) 
Financials ($)
Sales 2018 91 580 M
EBIT 2018 37 365 M
Net income 2018 26 183 M
Debt 2018 -
Yield 2018 1,95%
P/E ratio 2018 10,84
P/E ratio 2019 9,65
Capi. / Sales 2018 2,97x
Capi. / Sales 2019 2,87x
Capitalization 272 B
Chart BANK OF AMERICA
Duration : Period :
Bank of America Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends BANK OF AMERICA
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 31
Average target price 33,8 $
Spread / Average Target 22%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant Co-COO & Chief Technology Officer
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
BANK OF AMERICA-6.00%272 344
JP MORGAN CHASE & COMPANY3.64%365 762
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-12.74%267 787
WELLS FARGO-12.11%249 202
CHINA CONSTRUCTION BANK CORPORATION-11.98%224 824
BANK OF CHINA LTD-8.31%186 184