Remington Outdoor Company Inc, that like Steward Health Group is owned by Cerberus Capital Management, has filed for bankruptcy to slash a debt load just shy of a billion US dollars.

Remington is one of the largest American firearms manufacturers.

A Reuters report quotes Remington saying it will receive $145 million in bankruptcy financing to fund the company through the Chapter 11 process. Remington plans to file bankruptcy in U.S. Bankruptcy Court in Delaware, seeking to write off about $700 million in debt.

Cerberus Capital Management LP, the private equity firm that controls Remington, will lose ownership of the company as a result of the bankruptcy. The company’s creditors, which include Franklin Templeton Investments and JPMorgan Asset Management, will exchange their debt holdings for equity in the company.

Stewart Health Group, also owned by Cerberus Capital Management, has recently acquired from VGH the concession for Karin Grech, St Luke’s and Gozo Genera Hospitals after the government granted its consent for the transfer.

A recent Times of Malta report informed that Stewart Health Group sold one of the hospitals it owned in Massachusetts to property developers after it closed it down because it was not making enough money from it.