Remington Arms filed Chapter 11 bankruptcy paperwork, but the move was not a surprise.

Last month, the 200-year-old gun manufacturer announced it was struggling with debt amid falling sales. It reached a deal with lenders to reduce the amount to about $700 million, buying time to enter bankruptcy protection.

But what does that mean for the future of the company's plant in Ilion? Spectrum News sat down with, Gregory Germain, the director of the "Bankruptcy Clinic" at Syracuse University's College of Law.

"The idea is to keep the business going," Germain said. "If the company has a viable business and their problem is excessive debt, they can restructure their finances and continue in business. So, that's the main purpose of Chapter 11."

Ilion Mayor Terry Leonard is hopeful this bankruptcy will just be a restructuring of debt. He says anything more than that would be devastating to the area.