Snapshot Report post Posted June 15, 2015 Breaking: Colt files for Chapter 11 bankruptcy protection 6/15/15| by Daniel Terrill Colt Defense LLC voluntarily filed petitions for Chapter 11 relief, a process the company says will accelerate the sale of its operations in U.S. and Canada. The Connecticut-based company filed the materials in the U.S. Bankruptcy Court for the District of Delaware on Monday. “While entering Chapter 11 protection in the absence of a consensual agreement with our noteholders was not our preference and we do not take it lightly, we are confident it is the best path going forward and will enable us to continue to gain traction on a challenging but achievable turnaround in our business performance and competitive positioning in the international, U.S. government and consumer marketplaces,” said Keith Maib, Colt’s chief restructuring officer, in press materials. “Importantly, Colt remains open for business and our team will continue to be sharply focused on delivering for our customers and being a good commercial partner to our vendors and suppliers,” he said. Colt said it will continue normal business operations throughout the sale process and that it has asked the court to approve certain requests to protect trade creditors, vendors, and suppliers. If approved, Colt said the protections will allow for operations to continue uninterrupted during the Bankruptcy Court supervised sale process. Additionally, union-related agreements will also be unaffected and employees will be paid all wages, salaries and benefits on a timely basis. The company also said its lenders have agreed to provide $20 million to fund business operations, but the loan must be approved by the court. The entire process is expected to be complete within 60-90 days. Share this post Link to post Share on other sites
STOMP442 Report post Posted June 15, 2015 Some pretty bad business management to run a company in the dirt in todays gun buying climate. 2 Share this post Link to post Share on other sites
firstcoueswas80 Report post Posted June 15, 2015 Not only that, but a company with a following (and government contracts) like Colt 2 Share this post Link to post Share on other sites
coues7 Report post Posted June 16, 2015 Colts sucks anyway. When you bought one you were buying a name. It is bad, but we are (were) a capital based financial system. The strong are doing just fine. 2 Share this post Link to post Share on other sites
STOMP442 Report post Posted June 16, 2015 Seems like I read somewhere that they lost their government contracts, perhaps that has a lot to do with going under. Share this post Link to post Share on other sites
naturebob Report post Posted June 16, 2015 Colt 45 keeps going strong! AS long as obamma is giving out food stamps............BOB! Share this post Link to post Share on other sites
Silver Bullet Report post Posted June 16, 2015 I'm no attorney, and correct me if I'm wrong, but the title reads "Colt files Bankruptcy" when in fact Colt filed Chapter 11 which I believe is for holding off the creditors while the company reorganizes? 1 Share this post Link to post Share on other sites
Xnt Report post Posted June 16, 2015 Not only that, but a company with a following (and government contracts) like Colt They must have missed out on the chance to sell ARs to the Mexican cartels. Share this post Link to post Share on other sites
Xnt Report post Posted June 16, 2015 I'm no attorney, and correct me if I'm wrong, but the title reads "Colt files Bankruptcy" when in fact Colt filed Chapter 11 which I believe is for holding off the creditors while the company reorganizes? Correct. Chapter 11 is the business code of the Bankruptcy Act of 1978 that deals with reorganizing while in trouble. Chapter 7, which is liquidation, is the Tango Uniform death bed where the jackals come out of the woodwork. Share this post Link to post Share on other sites
firstcoueswas80 Report post Posted June 16, 2015 While I am not extremely experienced with Colt firearms, I have owned a few and I have put more than a few rounds down range with a Colt M4, but to say they "ALL" suck is a inaccurate statement. Now, the current stuff.... I'll tend to agree it's not what it used to be (not much is anymore). When you're looking in to the series 70 1911's, the Python, Anaconda, Police Positive and the M4's I am and have been familiar with, SUCK does not fit in to the conversation. 1 Share this post Link to post Share on other sites
naturebob Report post Posted June 16, 2015 Nobody drank Colt 45 in High School? Must not of went to school with any Black Dudes. Schlitz malt liquor was the other one. Didn't need more than a quart..........BOB! Share this post Link to post Share on other sites
Snapshot Report post Posted June 17, 2015 Chapter 11 keep's the Wolves at bay, while they figure out what to do. Share this post Link to post Share on other sites
Red Sparky Report post Posted June 17, 2015 Wonder if it has anything to do with lawsuits? Wasn't a Colt Bush Master used in the Co. movie theater? Not the guns fault, the one using it is responsible but getting money from the manufacturer is easier. Share this post Link to post Share on other sites
AZ8 Report post Posted June 17, 2015 The managment leadership at Colt leaves a lot to be desired. They also filed for Chapter 11 back in 1992. Share this post Link to post Share on other sites
