Colt to continue operations during restructuring
Posted on Wednesday, October 14th, 2015 at 4:30 pm
American gun firm Colt Defense LLC is expected to continue making firearms with its owners in full control until they emerge from the Chapter 11 Bankruptcy, a Hartford Courant article reported on October 12.
Reports revealed that on October 9, Colt sought bankruptcy protection in a Delaware court. In the plan submitted by Colt, they are expected to secure $50 million to continue manufacturing and selling their firearms from their West Hartford headquarters during the restructuring. Colt’s bankruptcy filing is reportedly backed by a majority of its bond holders. If Colt’s plan gets approval from the court and its creditors, they may recover from the bankruptcy this year.
Filing for business bankruptcy can be a good plan for struggling business owners who are not yet willing to close their doors. If you are dealing with overwhelming business debt, the Raleigh attorneys at the Bradford Law Offices, PLLC, can help you through the legal process of filing for Chapter 11 bankruptcy. To learn more, contact our legal team by calling (919) 758-8879 today.