Colt’s Continuing Soap Opera

posted on January 8, 2016
gsagi2015_fs.jpg (2)

Majority stakeholder Sciens Capital Management didn’t produce $15 million by the Dec. 28, court-approved deadline for the famed gunmaker’s exit from bankruptcy protection. That might lead you to believe the fatal wound has been delivered, but Colt’s found alternative—albeit creative—funding.

Recent actions make it obvious Colt doesn’t wave the white flag, even when faced with legal and financial challenges that would bury its competition. The company even rolled out new guns, despite the adversity, which speaks volumes about the management’s ability to maintain “mission focus” and live up to the firm’s legacy of overcoming similar obstacles.

Sciens has until today to produce a portion of the funds or it will jeopardize the firm’s role in Colt. If the money doesn’t materialize, lenders have agreed to extend terms with the gun company and the owners of the building Colt occupies have also made concessions. That, of course, means the if this hurdle is cleared, Connecticut will be its home for some time.

A Sciens representative explained to Dow Jones Business News the reason for the delay is the manner in which the company works—each investment is funded separately and it takes time to secure that kind of backing. The company has until the close of business today to provide Colt its first $1 million installment.    



Rifleman Q&A: Bullet & Primer Sealant

From the archives of American Rifleman, one NRA member questions the importance of the colorful or black-colored paint-like coating around the cartridge necks and primer pockets of surplus ammunition.

Preview: Zero Tolerance Knives 0357BW

The U.S.-made Zero Tolerance 0357 Black Wash liner lock features a 3.25" blade of hard, wear-resistant CPM 20CV steel treated with a scratch-hiding blackwash finish best suited for everyday carry.

The French FR F2 Sniper Rifle

Conceived during the Cold War and after thirty years of service, the French are beginning to phase out the FR F2 bolt-action sniper rifle, with the surplus rifles available for sale from Navy Arms.

SIG Sauer P210: The Long-Lived Swiss Service Pistol

First designed in 1947, and formerly the official sidearm of the Swiss Army, the SIG Sauer P210 is still in production today, with a few modern upgrades.

The Winchester Model 94: History & Disassembly

Compact, reliable and powerful, Winchester's Model 1894 lever-actions may not have the popularity it once had with Western settlers, prospectors, law enforcement officers, hunters and ranchers, but its legacy remains today and is a fan favorite in Winchester's current product line.

NRA Gun of the Week: Fabarm USA Autumn

On this week’s “Gun of the Week” video preview, American Rifleman examines a first from Fabarm, a side-by-side break-action shotgun called the Autumn.


Get the best of American Rifleman delivered to your inbox.