One of the biggest U.S. gun manufacturers is taking steps toward filing for bankruptcy, according to Reuters news service.

Remington Outdoor Company Inc. has “reached out to banks and credit investment funds in search of financing that will allow it to file for bankruptcy,” Reuters reported Thursday evening, citing “people familiar with the matter.”

According to those sources, the debt-ridden company missed a payment on those obligations this week and is seeking “debtor-in-possession financing” that would let the company continue operations once it went bankrupt.

But that may be difficult.

According to Reuters, some credit funds and banks are balking at the move because one of the company’s guns was used in the Sandy Hook school massacre in Connecticut.