Colt
As predicted, Colt Defense LLC has entered voluntary Chapter 11 bankruptcy, which will allow for quicker sale of operations in the US and Canada. Colt will be relying on a bankruptcy court-ordered auction of business assets to help pay down its $355 million in debt.
The primary assets that it owns are heavily mortgaged intellectual property (patents) and the Colt trademark. Our report indicates that the company estimated it owes up to $500 million to up to 50 creditors, with assets listed up to $500 million. Colt remains open for business while selling/restructuring.
STI and Detonics have announced a pistol partnership.
SIG Sauer is now sponsoring a Top Fuel dragster. I don’t know who the driver is. They ought to call it the .357 SIG.