Colt Update

by
posted on November 18, 2015
** When you buy products through the links on our site, we may earn a commission that supports NRA's mission to protect, preserve and defend the Second Amendment. **
gsagi2015_fs-1.jpg (3)

The firearm legend has cleared yet a major hurdle in its efforts to get back on a solid financial footing.

Colt Defense filed a Disclosure Statement for its Second Amended Plan of Reorganization on Nov. 10. It’s been approved by the U.S. Bankruptcy Court for the District of Delaware and agreed upon by the company’s biggest stakeholders. A majority of creditors must approve, however, and voting will close Dec. 7 (subject to extension).

What does it mean? “Thanks to the dedication and diligent efforts of all of our stakeholders, we are on a path to emerge from restructuring by the end of this year [that’s 2015, by the way] on the firm footing we need to execute our turnaround plan…,” Dennis Veilleux, Chief Executive Officer of Colt Defense told BusinessWire.

A confirmation hearing is scheduled for Dec. 16. Articles in BusinessWire and HighYieldBond give you a better idea how the process opens a lot of opportunity for the company to remain open and fully operational.

This has been a long and painful process for Colt fans, and the legendary gunmaker isn’t out of the woods yet. In October, a bankruptcy auction was cancelled because there were no qualified bidders and during the summer, a union plea to the state for help apparently went unanswered.

The company has a long history of comebacks working in its favor, although the fact that voting closes on the anniversary of Pearl Harbor and final confirmation on the day the Battle of the Bulge began … well, it is Colt, after all.   

Latest

Trends In Gun Theft Headrest
Trends In Gun Theft Headrest

Report Highlights Declining Residental Firearm Thefts, Growing Vehicle Firearm Thefts

“The rate of guns reported stolen from motor vehicles increased by 31% over the period,” a Council of Criminal Justice report states, “while the rate of guns reported stolen during residential and commercial burglaries dropped by 40%.” 

Preview: Sling Guru EXO 13

Whether for tactical operations, stalking prey in the game fields or bugging out to a safe location, the patented EXO 13 by Sling Guru is a simple solution for keeping firearms at the ready.

The Taurus 817 Is Back

The Taurus 817 revolver hasn't been available since the early 2000s, but now, it's back and features several notable updates.

NRA To Hold World Shooting Championship In Indiana

Registration is now open for the eighth NRA World Shooting Championship, which is sponsored by Walther Arms and will be held at Camp Atterbury, Ind., from September 30 to October 4.

Gun Of The Week: Springfield Armory Prodigy Compact 3.5” AOS

For this episode, we’re on the range with a double-stack, M1911-style handgun that’s more compact and lightweight than we’re used to seeing. This is the Springfield Armory Prodigy Compact 3.5” AOS chambered for 9 mm Luger.

The Armed Citizen® Aug. 1, 2025

Read today's "The Armed Citizen" entry for real stories of law-abiding citizens, past and present, who used their firearms to save lives.

Interests



Get the best of American Rifleman delivered to your inbox.