A Mohawk Valley business has successfully emerged from bankruptcy.

Remington Arms made the announcement less than two months after filing for Chapter 11 bankruptcy.

The company's reorganization plan is converting more than $775 million of debt into equity, meaning creditors are agreeing to cancel debt for a stake in the company.

Remington says all trade and business claims are unaffected by the reorganization plan, which was supported by the vast majority of lenders.

A new Board of Directors will also be appointed.

Remington was founded in Ilion, in Herkimer County, more than 200 years ago.

The company still employs hundreds of people at its plant there.

The Herkimer County Legislature Chairman says rumors about the plant come up a lot, but he's hoping the good news is here to stay.

"The number of people that are employed there, the number of businesses that serve them within our area. You know, we're talking Ilion, Herkimer County, people in Oneida County. Without it, we would be in desperate trouble," said Herkimer County Legislature Chairman Bernard Peplinski, Sr.