Gunmaker Colt Files for Bankruptcy

A Colt .380 Mustang Auto Pistol (Image: Colt.com)

WEST HARTFORD, Conn. (WTNH) – Connecticut-based Gunmaker Colt Defense LLC filed for bankruptcy on Sunday, Bloomberg Business reports.

The business news agency reports the gunmaker, which supplies M4 carbines and M16 rifles to the U.S. and foreign militaries, blamed a declining demand and delayed government sales for its need to file for Chapter 11 bankruptcy.

The West Hartford-based company listed $500 million in assets and up to $500 in debt in its bankruptcy filing.

The company was founded in 1855 by Samuel Colt and the revolvers it produced helped propel the firearms industry away from single-shot pistols. More recently, it was a supplier of the M4 carbine to the U.S. military.

Bloomberg Business contributed to this report.

WTNH NEWS8 provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review. Also, you can now block any inappropriate user by simple selecting the drop down menu on the right of any comment and selection "Block User" from there.

1 thought on “Gunmaker Colt Files for Bankruptcy

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s