Distributor called and said that Colt is going out of business Dec. 1

anybody else heard that?
Colt Defense LLC Enters into New $70 Million Senior Secured Term Loan Facility

BY BUSINESS WIRE
NOVEMBER 17, 2014 05:35 PM EST

Colt Defense LLC (the “Company”) announced today that it has entered into a new $70 million senior secured term loan facility with Morgan Stanley Senior Funding Inc. (the “MS Facility”). Proceeds from the MS Facility will be used to repay all amounts outstanding under the Company’s existing term loan agreement dated as of July 12, 2013 and provide additional liquidity, including to allow the Company to make the $10.9 million interest payment due November 17, 2014 under the indenture governing its existing senior notes. The credit agreement governing the MS Facility (i) does not contain financial covenants or amortization provisions similar to those provisions in the Company’s existing term loan agreement; (ii) provides for the accrual of interest on an 8% cash and 2% payment-in-kind basis; and (iii) will mature no later than August 15, 2018 subject to the satisfaction of certain conditions. The lenders under the Company’s existing credit agreement dated as of September 29, 2011 (the “ABL Credit Agreement”) have also agreed to amendments to the ABL Credit Agreement necessary for the Company to enter into the MS Facility. The Company believes that the MS Facility will provide it with the time and flexibility necessary to support its medium and long term objectives.

About Colt Defense LLC
Colt is one of the world’s oldest and most renowned designers, developers and manufacturers of firearms for military, personal defense and recreational purposes. Our founder, Samuel Colt, patented the first commercially successful revolving cylinder firearm in 1836 and, in 1847, began supplying U.S. and international military customers with firearms that have set the standards of their era. The “Colt” name and trademarks stand for quality, reliability, accuracy and the assurance of customer satisfaction. Our brand and global footprint position us for long-term growth in a world market that offers continued opportunities in all of our sales channels: military, law enforcement and commercial. We operate from facilities located in West Hartford, Connecticut and Kitchener, Ontario, Canada. More information on Colt Defense LLC is available at www.colt.com and www.coltcanada.com.

http://www.sys-con.com/node/3231505

The short version: they borrowed money to pay the interest to the other creditor. They will survive until August 2015.

i'll believe it when i see it.

They need to ebay  some roll mark dies

Heard the same thing.  I bet its just a restructure.  Not a total closure.

What manner of faggotry is this?

Posted Via AR15.Com Mobile

nope

Someone will infuse some money. Too big of a name to let it go.

Good riddance. Colt sucks.

With the tens of millions in contracts they are currently working on?

TOO BIG TO FAIL?

13'er

 

what contracts? they lost the M4 to FN.

the few 1911's for the USMC?

Too big to fail. Government will intervene.

Eta: Beat.

SSDD

http://www.thetruthaboutguns.com/2014/11/foghorn/colt-teetering-brink-bankrupcy/



I will flip a freaking gord if they go out of business

So, is Colt now Tier Chapter 11?

Will see . Colt has been in the crapper before

Says the FNG with no feedback from a Commie state.

You need to keep up on current events brah.

LINK

Maybe they can file bankruptcy and bust up the union extortion then move to a free state and run profitably.....

Which Time?

Maybe they can build a bunch of Pythons out of spares before the last guy turns out the lights.

Panic buy Colt LE6920's?

No shits given. They have not made anything I've been interested in since the 70s.

To add insult to injury they whored their name out to Umarex/Walther.

http://www.ar15.com/forums/t_1_5/1686100_Colt_Defense_LLC_in_deep_financial_trouble_______________.html

Good, hopefully my mustangs will go back up into the stratosphere again..  I was getting 1250 for em 5 years ago..

Colt Defense is not the same company as the one that sells to the civilian market (Colt Manufacturing).

Hopefully they'll realize they've neglected the civilian market for too long, and correct that.


So, you're saying Colt is a one trick pony?



«tc2k11»

I will believe that it when I see it.

if its true

No fucks given.

Springfield 1911 is best 1911

They've been making the same shit since 1970, with a few cosmetic changes along the way. They're not the worst, but that's not saying much. Still shit tier rifles.

So are the Chinese going to buy all of the tooling etc on Dec 2 at a fire sale and get the thumbs up from Obama.

Good riddance. Colt sucks.

"God created man, Sam Colt made them equal."

Colt, killed by UAW.

So lots of rifles with ponies will continue to sit in safes across the country.




Until the owner dies and their kid hawks it for 200

All I want is a parts blowout

Iconic and historic brand.

Has failed to innovate.

The free market is a harsh mistress.

If that's what you want, go shoot an overpressure reload through a Glock.

Yes, yes they are.

You forgot the All American 2000!

Much innovation, so creativity!

Never happen.

The name will certainly stick around. The company could go out of business.

The Colt name is worth a lot. I wouldn't be surprised if the company got liquidated, and as part of that
the name and associated trademarks were sold to the highest bidder.

Taurus could by the Colt name and introduce a line of AR15's.

but then what will I overpay for?

Let them fold.  Fire all the libtard UAW workers and the dumbass admin.

Someone will buy the company and move it to somewhere more tenable.


Bring back the Python.  

Pics of your extensive collection of fine handguns or STFU 13er.

I hope they can get their stuff together and get to the free zone.

Well said