Colt Defense, a legendary part of America’s history, has been manufacturing firearms of exceptional quality and styling for over 100 years. They’ve been a prestigious player in the commercial sector; playing a major role in law enforcement and defense as well. The Connecticut-based company announced its decision on Sunday, 14 Jun 2015.
Colt’s official press release identifies Sciens Capital Management LLC as a likely buyer…
“Colt’s current sponsor, Sciens Capital Management LLC (‘Sciens’), has agreed to act as a ‘stalking horse bidder’ and has proposed to purchase substantially all of Colt’s assets and assume secured liabilities and all liabilities related to existing agreements with employees, customers, vendors, and trade creditors…”
We first reported on Colt’s financial challenges late last year. The company’s decision was probably triggered by its inability to meet a $10.5 million debt payment. Colt’s management sees itself coming out of bankruptcy in 60 to 90 days and has assured employees, customers, and distributors that supplies and operations would not be disrupted during the proceedings.