June 15th, 2015

Colt Files for Chapter 11 Bankruptcy

Colt Defense LLC Manufacturing Company Bankrupt Bankruptcy Ch 11 Chapter File Wall Street Journal Bond Liquidation

On Sunday, June 14, 2015, firearms manufacturer Colt Defense LLC and its subsidiaries (“Colt”) filed for Chapter 11 bankruptcy, with the goal of selling the enterprise. Colt had been strained by a heavy $355 million debt burden, and had previously warned that it might resort to bankruptcy if it could not reach an agreement with bond-holders. In a Sunday news release, Keith Maib, Colt’s chief restructuring officer stated: “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.” Read full Press Release.

According to Marketwatch, Colt hopes to have new owners by the end of the summer: “Colt is racing to get to the auction block by August 3, with an opening buyout offer from Sciens Capital Management LLC, Colt’s private-equity backer.” There are actually ten separate but related business entities under the Colt umbrella that collectively filed for backruptcy. These are listed in the Bankruptcy Filing Summary, In re Colt Holding Company LLC, Case Number: 15-11296.

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June 15th, 2015

.22 Rimfire Special Edition from GUNS Magazine

.22 LR Rimfire Book Guns Annual Volquartsen High Standard Ruger charger

GUNS Magazine has just released a 180-page Special Edition dedicated to .22 Rimfire products — guns, accessories, and ammo. Rimfire fans may want to pick up the latest .22 Rimfire Book which covers all .22 rimfire types, from CB caps to the .22 WMR. The cover story features the new .22LR Charger handgun from Ruger. Varminters will enjoy the discussion of the .22 Magnum, a versatile round that is effective on squirrels and other small critters. Other features in this Special Edition include a review of the Volquartsen Custom Deluxe pistol, Dave Anderson’s take on the top .22 target pistols, and an article on Sig Sauer’s newest silencers.

Our favorite story was a history of High Standard’s .22 Match Pistols by contributor Robert Kolesar. High Standards are lovely guns, with a well-deserved reputation for accuracy. “Unlike a number of classic guns from the past, the High Standards I remember fondly are still in production,” Kolesar writes. “And they haven’t changed to keep the liability lawyers or bean counters quiet. Arguably, it’s a better pistol, with tighter quality control, sight upgrades not available previously and a good factory trigger — just too good a pistol to be forgotten.”

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