- Jan 28, 2009
Colt Defense, the storied firearms maker, announced late Sunday that it has filed for a Chapter 11 bankruptcy reorganization..
Colt said that in making the filing in U.S. Bankruptcy Court in Delaware, it hopes the process will allow it to quickly sell its business operations in the U.S and Canada. A firm, Sciens Capital Management, plans to buy virtually all of Colt's assets.
"The plan we are announcing and have filed today will allow Colt to restructure its balance sheet while meeting all of its obligations to customers, vendors, suppliers and employees and providing for maximum continuity in the Company's current and future business operations," said Keith Maib, Chief Restructuring Officer of Colt Defense, in a statement.