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Connecticut-based gun maker Colt Defense has filed for bankruptcy protection, as it grapples with a heavy debt load.

The company says it plans to continue its normal business operations during its restructuring.

The company is struggling with more than $350m (£225m) in debt, as well as waning sales.

Colt's fortunes were hurt by the loss of a contract in 2013 to supply the US army with its M4 assault rifle.

Keith Maib, the company's chief restructuring officer, said: "Colt remains open for business and our team will continue to be sharply focused on delivering for our customers and being a good commercial partner to our vendors and suppliers".

Missed payment

Colt has been plagued by financial problems in recent months.

Last November Colt took out a $70m loan from Morgan Stanley to help make an interest payment.

But last month it missed a $10m interest payment.

Last year sales of its sports rifles and handguns fell 30%.

The company has a long US history, known for making American firearms for more than 150 years.

The company previously filed for bankruptcy protection in 1992, emerging again two years later.