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US gun-maker Colt Defense files for bankruptcy protection

  • 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.”

    Tagged as: American gun-maker, Colt Defense, bankruptcy protection, US, Canadian operations, Sciens Capital Management, business news