Colt Heads Toward Bankruptcy Showdown with Bondholders

[GOST]

Colt appears to be headed into a bankruptcy showdown this week if it's private equity backers and bondholders cannot overcome differing ideas on the best way to take care of the company's financial wounds.

http://www.businessinsider.com/r-gun-maker-colt-heads-toward-bankruptcy-showdown-with-bondholders--2015-6

[toolboxluis00200]

Group buy ????

[Kopis]

Group buy ????

Comment win of the day award!!!!!!!

[toolboxluis00200]

Comment win of the day award!!!!!!!

[BD]...

[UWone77]

From marketwatch.com http://www.marketwatch.com/story/colt-defense-to-file-for-chapter-11-bankruptcy-protection-by-monday-2015-06-14



Gun maker Colt Defense LLC plans to file for chapter 11 bankruptcy protection by Monday, according to people familiar with the matter, amid business and accounting troubles.

The company has secured financing to continue operating while in bankruptcy and expects to remain in business after the restructuring, the people said.

The West Hartford, Conn.-based company, with a legacy dating to 17th century New England, developed a pistol it calls “the gun that won the West” and enjoyed a lucrative stretch in the late 1990s and early 2000s as the U.S. military’s sole supplier of the M4 line of firearms widely used by front-line troops.


But Colt has struggled in recent years with a slowdown in rifle sales and its 2013 loss of a key contract to supply the U.S. Army with the M4. The company has had accounting problems that caused it to revise prior years’ reported financial results and miss a creditor’s initial filing deadline for an annual report, according to regulatory filings.

Colt plans to try to reduce its debt burden via a court-supervised auction of its business, to generate proceeds to repay some of its lenders, the people familiar with the plans said.

An expanded version of his report appears at WSJ.com

[toolboxluis00200]

I wonder who they lost the contract to?????

[GOST]

I wonder who they lost the contract to?????

FN

http://gearscout.militarytimes.com/2013/02/23/army-has-awarded-the-m4m4a1-contract-to-fn/

[GOST]

http://www.wsj.com/articles/BL-BANKB-21059

[velocity2006]

Kind of ironic that a Native American tribe would want to purchase them.

[GOST]

Kind of ironic that a Native American tribe would want to purchase them.

They may see it as showing that things have come full circle. A Japanese company was considering buying the Oak Ridge K-25 site to build a GP race track.