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US gunmaker Remington files for bankruptcy

WASHINGTON: Remington Outdoor, one of the largest US makers of firearms, filed for bankruptcy protection on Sunday to carry out a debt-cutting deal with creditors amid mounting public pressure for greater gun control. The company’s chief financial officer, Stephen Jackson, said in court papers that Remington’s sales fell significantly in the year before its bankruptcy, and that the company was having difficulty meeting requirements from its lenders. Remington, America’s oldest gunmaker, announced in February it would…

Weinstein Company files for bankruptcy in ‘new beginning’

NEW YORK: Harvey Weinstein's former production company announced late Monday it had filed for bankruptcy, less than six months after the Hollywood mogul was beset by avalanching sexual assault allegations. The studio also said it was immediately releasing accusers from non-disclosure agreements which Weinstein had used to silence them, allowing women to speak up without fear of retaliation. "Even as the company heads into bankruptcy, the company remains committed to doing whatever it can to maximize value for its…

Mobile carrier Aircel files for bankruptcy

MUMBAI: Indian mobile carrier Aircel Ltd has filed for bankruptcy, it said on Wednesday, pressured by a high debt pile and mounting losses following a price war triggered by a telecom upstart. Talks between Aircel, 74 percent owned by Malaysia’s Maxis Communications Bhd, and Reliance Communications Ltd (RCom) to combine their wireless operations ended late 2017 due to regulatory and legal uncertainties, and interventions by various parties. Aircel, whose debt amounts to 155 billion rupees ($2.38 billion), then tried…

Weinstein Company inches toward bankruptcy after #MeToo storm

NEW YORK: Disgraced Hollywood mogul Harvey Weinstein's former studio appeared to inch closer toward bankruptcy Monday over complaints that talks to buy the troubled production house had collapsed, leaving it with "no choice" but to go to the wall. The Weinstein Company said that it had failed to reach a deal with an investor group led by Maria Contreras-Sweet, who served in Barack Obama's administration, for a reported $500 million despite battling to make it palatable to prosecutors. Contreras-Sweet, a Mexican…

In boost to reform, Saudi Arabia’s cabinet approves bankruptcy law

DUBAI/KHOBAR: Saudi Arabia’s cabinet has approved a bankruptcy law, sources familiar with the matter said on Sunday, giving a boost to efforts to make the kingdom more enticing to investors. Modern bankruptcy legislation does not currently exist in Saudi Arabia, creating difficulties for struggling companies seeking to restructure debt with creditors since the 2009 global financial crisis and, more recently, the dip in oil prices. The kingdom is embarking on an intensive drive to overhaul its economy - including…

Toys ‘R’ Us seeks bankruptcy to survive retail upheaval

Toys ‘R’ Us, the largest US toy store chain, which filed for bankruptcy late Monday, will ask a judge on Tuesday for permission to borrow money so that it can start paying suppliers to ensure it has Lego building blocks and Barbie dolls for the holiday season. The Chapter 11 filing, to restructure $5 billion of long-term debt, is among the largest ever by a specialty retailer and casts doubt over the future of the company’s 64,000 employees and nearly 1,600 stores, which remain open. The collapse came swiftly.…