Gunmaker Colt files for bankruptcy

Posted online June 15, 2015 | 6:49 am

Colt Defense LLC, the 179-year-old gunmaker that supplies M4 carbines and M16 rifles for the U.S. and foreign militaries, filed for bankruptcy amid delayed government sales and declining demand.

The West Hartford, Ct.-based firearms maker claimed assets of as much as $500 million against liabilities of around the same amount in the Chapter 11 filing made late Sunday, according to Bloomberg Business.

Sciens Capital Management LLC has agreed to take on Colt's assets and debt, and the company remains open for business.

Read more from Bloomberg Business.[[In-content Ad]]

Animation attraction featuring Disney characters opens in Branson

Comments

No comments on this story |

Please log in to add your comment

Editors' Pick

Open for Business: The Flying Lap

Plaza Shopping Center gained an arcade with the March 1 opening of The Flying Lap LLC; the repurposing of space operated by Burrell Behavioral Health resulted in the March 18 opening of the company’s second autism center; and a group of downtown business owners teamed up to reopen J.O.B. Public House.

Most Read