US gun-maker Colt Defense files for bankruptcy protection
June 16 , 2015
American gun-maker Colt Defense has filed for bankruptcy protection.
The firm hopes there will be a fast-track sale of its US and Canadian operations.
Sciens Capital Management, which owns around 87% of the firm, has agreed to buy Colt Defense’s assets and assume its liabilities.
Colt, one of the best-known gun manufacturers in America, said that the plan would allow it to “restructure its balance sheet” and simultaneously meet all obligations to “customers, vendors, suppliers, and employees.”