NRA files bankruptcy petitions, plans to reincorporate in Texas
WASHINGTON (KWCH) - The National Rifle Association on Friday announced it has filed chapter 11 bankruptcy petitions coinciding with a restructuring plan that involves reincorporating in Texas.
In a news release on its website, the gun-rights advocacy group said it’s making the move to reincorporate as a Texas nonprofit “to exit what it believes is a corrupt political and regulatory environment in New York,” where the association is currently registered.
“To facilitate its strategic plan and restructuring, the NRA and one of its subsidiaries filed voluntary chapter 11 petitions in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. Chapter 11 proceedings are routinely utilized by businesses, nonprofits and organizations of all kinds to streamline legal and financial affairs,” the association said in Friday’s news release.
Copyright 2021 KWCH. All rights reserved.