“The Legend Continues” is the slogan of Colt on the website of the US arms manufacturer. But according to media reports, the traditional company is facing a turning point. According to CNN Colt threatened in a few days the bankruptcy. The 160 year old arms manufacturers from Hartford in the US state of Connecticut put so deeply in need of money to have a bill for $ 10.9 million not have the middle of May to pay, the station reported on Wednesday.
In a message to the Financial have the company acknowledged doubts about the future capacity and filed for insolvency in view. Colt had to pay a 30-day grace period until June 14 its debts, it said. This would include interest payments to buyers of bonds.According to the report, the company has already reached an agreement on debt restructuring with its bank. But a group of investors reject the offer because she wanted to accept any losses. Accordingly, these creditors could put on a sale of Colt to get away better financially. Then could larger rivals such as Smith & amp; Wesson Sturm Ruger or the traditional brand Colt accept.
The debt of Colt to a total amount to some 350 million dollars. The guns of the company have been used over 80 years by the US Army and were known in several films, such as James Bond by inserts.
The company dates back to Samuel Colt, the mid-19th century for the police force Texas Rangers in the fight against Indians constructed a revolver.
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