National Rifle Association Files for Chapter 11 Bankruptcy (Dreamstime)
Friday, 15 January 2021 04:43 PM
The National Rifle Association of America files for Chapter 11 bankruptcy in Texas on Friday, court papers show, Bloomberg News reports.
The NRA listed assets and liabilities of as much as $500 million each, according to its bankruptcy petition.
The group intends to restructure and reincorporate in Texas, according to a statement on its website.
As Reuters reported, the gun rights advocacy group said it would restructure as a Texas nonprofit to exit what it said was a “a corrupt political and regulatory environment in New York,” where it is currently registered.