AFP, Washington :
Storied American gunmaker Colt, which has roots stretching back centuries, plans to file for bankruptcy protection, The Wall Street Journal reported Sunday.
The company, which lost a large US Army contract, is in need of the protection “amid business-execution issues and a heavy debt burden,” the report said, citing unnamed people familiar with the plan.
Connecticut-based Colt Defense, which dates back to 17th-century New England, has secured funds to keep its doors open.
Storied American gunmaker Colt, which has roots stretching back centuries, plans to file for bankruptcy protection, The Wall Street Journal reported Sunday.
The company, which lost a large US Army contract, is in need of the protection “amid business-execution issues and a heavy debt burden,” the report said, citing unnamed people familiar with the plan.
Connecticut-based Colt Defense, which dates back to 17th-century New England, has secured funds to keep its doors open.
