Remington Arms, America's oldest gun-maker, reportedly is preparing for bankruptcy and in discussions with the Navajo Nation to buy its assets out of bankruptcy.

The Wall Street Journal reported Friday that Remington, founded in 1816, is preparing for its second bankruptcy proceeding in two years. The company also filed in March 2018 with more than $950 million in debt.

The Journal cited unidentified sources that said Remington will seek Chapter 11 bankruptcy protection, possibly within days before the financial second quarter ends June 30. These sources also told the Journal it is in negotiations with the Navajo Nation to be the lead bidder to purchase the assets out of bankruptcy.

Remington was founded in Ilion, New York, in 1816 by Eliphalet Remington. Among its more notable firearms are the Model 700 rifle and Model 870 shotgun, with millions of each sold. In 2014 Remington moved its manufacturing plant to Huntsville, Alabama, thanks to generous tax breaks and other incentives. That proved problematic for the company and public entities providing the incentives when Remington filed for bankruptcy in 2018. It exited bankruptcy in May 2018 thanks to a pre-approved restructuring plan supported by 97 percent of its creditors.

Parent company Remington Outdoor Company currently lists Remington, Marlin, Advanced Armament Corporation, Barnes Bullets and Dakota Arms as its brands.