Colt Defense LLC update

Colt Defense LLC announced May 11 it would allow investors another week to decide whether to take a huge cut in returns on loans to the company or accept a bankruptcy agreement that would allow for a quicker restructuring. Previously, Colt had told debtors they must accept a deal May 11. It is unclear why the company extended the agreement deadline, but I’m guessing its because they don’t have enough takers. I just hope the Freedom Group doesn’t buy Colt.

Also, the Osceola County, FL, Board of Commissioners approved a deal on May 4 to terminate its contract to lease a county-owned building to Colt. Both parties have been negotiating an end to the 2011 agreement since January when Osceola notified the company that it had failed to create a manufacturing and regional headquarters facility at the facility in the time specified by the contract.

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