Colt Defense files for Chapter 11 bankruptcy protection

Chris Woodyard | USA TODAY

Show Caption Hide Caption 179-Year-old gunmaker Colt files for bankruptcy June 15 -- Colt Defense, the 179-year-old gunmaker that supplies M4 carbines and M16 rifles for the U.S. and foreign militaries, filed for bankruptcy amid delayed government sales and declining demand.

Colt Defense, the storied firearms maker, announced late Sunday that it has filed for a Chapter 11 bankruptcy reorganization..

Colt said that in making the filing in U.S. Bankruptcy Court in Delaware, it hopes the process will allow it to quickly sell its business operations in the U.S and Canada. A firm, Sciens Capital Management, plans to buy virtually all of Colt's assets.

"The plan we are announcing and have filed today will allow Colt to restructure its balance sheet while meeting all of its obligations to customers, vendors, suppliers and employees and providing for maximum continuity in the Company's current and future business operations," said Keith Maib, Chief Restructuring Officer of Colt Defense, in a statement.

Because of the filing, the sale should go through without all the debt that otherwise would have been associated with it.

The plan is to keep Colt healthy and vigorous, continuing to make guns in West Hartford, Conn.

Colt has produced a lot of famous weapons over the years. Pistols such as the Colt .45 became legendary.