Colt Defense Emerges From Chapter 11 Restructuring

By Ammoland

Iconic American Brand Looks to Future with Stronger Capital Structure and Enhanced Liquidity

WEST HARTFORD, Conn. – -(Ammoland.com)- Colt Defense LLC (“Colt” or the “Company”), today announced it has completed its financial restructuring and emerged from its Chapter 11 process.

The Company concluded its restructuring after completing all required actions and satisfying all remaining closing conditions to its Amended Joint Plan of Reorganization (the “Plan”), which was confirmed by the United States Bankruptcy Court for the District of Delaware (the “Court”) last December.

Under the Plan, Colt has significantly restructured and reduced its debt, improved its capital structure, and enhanced its liquidity profile. Specifically, the Company has reduced its debt by approximately $200 million, after giving effect to $50 million of new capital raised through the restructuring process.

In addition, the Company has executed a long-term lease for its West Hartford Facility and has entered into a Memorandum of Understanding with the United Auto Workers that reaffirms its strong relationship with the union and its workforce.

“It is with profound appreciation to all of our key stakeholders that we share that we have completed the restructuring process and are emerging from Chapter …Read the Rest

Source:: AmmoLand