It closes the era of guns Colt Photo Bankruptcy after 179 years of … – TGCOM

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08:17 – Colt throws in the towel and put on sale. After 179 years of history, the historical arms manufacturer Colt Defense, supplier, among others, also for rifles and M16 rifles for the US Army, has asked the bankruptcy assisted. Also weighing on the company were the change in demand for sporting rifles and pistols, as well as delays in expected sales to the US government and abroad.

The situation became more complicated in November when Colt took a loan of 70 million dollars from Morgan Stanley to pay interest of $ 105 million of existing debt and the 20 million dollars in new loans. The first round of bids is expected in August: the auction is for zero dollars, but for now the only one to come forward was Sciens Capital Management.

The company: “It’s not the end of our story” – With the bankruptcy, Colt does not cease activities. “We remain open for business,” says Keith Maib, stressing that the bankruptcy will allow the company to restructure. “The plan we are announcing will enable Colt to restructure the budget, while meeting our obligations to customers, vendors and suppliers,” adds Maib.

The problems in the past – The company has tried in recent months to restructure out of court but without success. And the difficulties they had already torn down in the past about the company. In 1842, after eight years in business, sales slowed and Colt was forced to close its first plant. The company sought and found then the revival, with Samuel Colt who designed the Walker revolver and opened new factories becoming one of the 10 richest men in the United States.

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