January 11, 2016
A Delaware bankruptcy judge on Monday agreed to allow gunsmith Colt to modify its Chapter 11 plan with certain noteholders agreeing to pick up part of $15 million in new money-funding needed to complete the reorganization that majority stakeholder Sciens Capital Management had defaulted on.
January 06, 2016
Colt said Tuesday in Delaware court that it has been forced to modify its Chapter 11 plan after majority stakeholder Sciens Capital Management failed to make good on a $15 million commitment before the end of the year, complicating the gunmaker's plan to exit bankruptcy in short order.
December 17, 2015
Colt and the labor union that represents the gun maker's employees said on Thursday that the company expects to exit bankruptcy "in the coming weeks" after a Delaware bankruptcy judge signed off on the business' plan to restructure $250 in bond debt.
December 16, 2015
A Delaware bankruptcy judge agreed Wednesday to confirm Colt's Chapter 11 plan to rework some $250 million in bond debt, after the iconic gunsmith came to a last-minute settlement with the union representing its hourly workers, clearing one of the last hurdles to have its reorganization strategy greenlit.
December 11, 2015
A U.S. Trustee is asking a Delaware bankruptcy judge not to confirm a Chapter 11 reorganization plan for Colt, describing it Thursday as overly broad and one that improperly alleviates third parties from liability to even those claims holders who don't vote on the plan and don't opt out.
November 10, 2015
A Delaware bankruptcy judge gave the nod Tuesday to the Chapter 11 plan disclosure statement for Colt, allowing the iconic gunsmith to solicit creditors on its strategy to rework some $250 million in bond debt that is a broad peace accord in a case that had a tumultuous start.
October 22, 2015
Colt Defense LLC said Wednesday in Delaware bankruptcy court that it canceled an auction for the gun maker's assets after it didn't receive any qualified bids before a deadline last week, putting the company on track for a stand-alone restructuring to handle $250 million in bond debt.
October 21, 2015
Firearms manufacturer Lewis Tool & Machine Co. took issue Wednesday with iconic gunsmith Colt's potential sale plans in Delaware bankruptcy court, contending that any of its intellectual property in Colt's possession should be excluded from the transaction and its right to lodge infringement actions preserved.
October 07, 2015
A Delaware bankruptcy judge on Wednesday halted a bid by Colt Defense LLC's unsecured creditors committee to pursue separate litigation against the landlord for the gun maker's main manufacturing plant, an issue that has become a major sticking point in the Chapter 11.
September 21, 2015
Attorneys for Colt Defense LLC said Monday in Delaware bankruptcy court the gunsmith is near an agreement to remain in its main manufacturing plant, a development that would address creditors' concerns that uncertainty over the facility could hurt the company's price in a sale.