Colt Defense LLC, on the brink of bankruptcy, has been awarded a $36,104,812 firm-fixed-price, indefinite-delivery/indefinite-quantity foreign military sales contract for M4/M4A1 carbines to several countries. Hopefully they can fill it.
Colt again extended the deadline for creditors to exchange notes or vote in support of a pre-packaged plan for bankruptcy. The extension was announced after the second deadline elapsed this week and the offer is now set to expire June 2. The exchange offer allows for investors to swap old notes set to payout at 8.75% interest in 2017 for new notes set to payout at 10% interest in 2023. But in order for the exchange to work, the company needs to account for 98% of the funds, which apparently ain’t gonna happen.
Daniel Defense, Inc. filed suit against Remington Outdoor Company for trademark infringement in a Georgia federal court earlier this month, alleging that Remington has been using its distinctive V3 trademark on a series of autoloading shotguns.
Last summer, Daniel Defense filed suit against Remington for using variations of the company’s catchphrase “Lighter. Stronger. Better.” That case is still not complete.