Cerberus struggles to sell Bushmaster rifle maker
In this handout crime scene evidence photo provided by the Connecticut State Police, shows a Bushmaster rifle in Room 10 at Sandy Hook Elementary School following the December 14, 2012 shooting rampage, taken on an unspecified date in Newtown, Conn.
For almost exactly a year now, Cerberus Capital Management, the $20 billion private equity and hedge fund group, has been trying to sell one of its key holdings: Freedom Group, the biggest gunmaker in the country.
Freedom makes the weapon used at Sandy Hook elementary school one year ago this coming Saturday.
According to a report in the New York Times:
Instead of selling the company, executives from the Freedom Group explained on Monday during a conference call with about 35 creditors that Cerberus was working on a new step: helping its investors who were seeking to distance themselves from the industry sell their interests in the firearms maker.