Alabama Company Bids Gun Manufacturer Out of Debt

Manroy, an Alabama company that makes weapons and supplies, recently paid $4.95 million to a Tennessee gun-making company in exchange for all of the bankrupt company’s assets.

The exchange took place at an auction which the Tennessee company, Sabre Defence, had organized in an effort to gain money that would be used to pay back the company’s investors. The company faced bankruptcy after its legal troubles, involving the trafficking of firearms, caused it to accumulate a $4 million debt. Because of this auction, the company will now be able to pay back its investors in full.

The Alabama company, Manroy, will merge the two companies and rehire many of Sabre Defence’s employees.

If your business is in debt, and you would like more information on filing bankruptcy, please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000.

Paula GreenwayPaula Greenway

Paula Greenway is a native of Birmingham and has focused her practice on consumer bankruptcy since 1996. She is licensed to practice law in all jurisdictions throughout the State of Alabama. Paula has handled over 5,000 bankruptcy cases ranging in complexity throughout her career and prides herself on being able to come up with creative solutions to her clients’ financial issues.