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.

Colt is one of America’s oldest arms-makers. After securing revolver patents in 1836, Samuel Colt founded the Patent Arms Manufacturing Company. In 1855 this business became Colt’s Patent Fire Arms Manufacturing Company. As an enterprise, Colt enjoyed success throughout most of its long history. However, the company has struggled in recent decades, having been through Chapter 11 bankruptcy once before, a process which ended in 1994. In 2002, Colt split into two separate companies, but these were re-united in 2013 with the acquisition of Colt Manufacturing Co. by Colt Defense LLC.

Colt will not shutter its doors immediately, having secured $20 million in operating financing from lenders. But there are still fundamental problems with the business. The Wall Street Journal states: “But Colt has struggled in recent years with supply-chain and working capital issues, a slowdown in rifle sales and its 2013 loss of a key contract to supply the U.S. Army with the M4.”

Colt’s immediate problems have been cash flow, specifically making payments on its big loans. Last year Colt had to borrow $70 million from Morgan Stanley to pay bond interest. Colt has roughly $100 million in secured debt plus $260 million in bond debt. That’s a heavy burden.

Colt Defense vs. Colt’s Manufacturing Company
In 2002, Colt Defense was split off from Colt’s Manufacturing Company though both entities remained in the same West Hartford, CT location. Colt’s Manufacturing Company serves the civilian market, while Colt Defense serves the law enforcement, military, and private security markets worldwide. The two companies were reunited in 2013 when Colt Defense acquired Colt’s Manufacturing Company. Currently, Colt’s Manufacturing Co. is a subsidiary of Colt Defense.

As the National Governing Body (NGB) for the sport of Olympic-style shooting in the United States, USA Shooting (USAS) welcomes the dialogue created by the recent article in the Wall Street Journal by Mark Yost titled: Taking Aim at an Old Debate: Can female athletes compete against men?. In shooting, yes — but not in the Olympics. In this article, Yost points out several interesting facts and observations about our sport. This dialogue allows us to engage the shooting community, expand our thinking and establish pathways for bettering our sport for the future.

You will get little argument from many of today’s top shooters, both male and female, as to the shooting abilities of women throughout USA Shooting’s ranks. The success of the collegiate programs like TCU and many intercollegiate programs in the U.S. only echo these beliefs as do some of the sport’s elite shooters like Kim Rhode, a four-time Olympic medalist in trap and skeet shooting, or Katy Emmons, a three-time Olympic medalist from the Czech Republic who is married to [U.S. Olympian] Matt Emmons.

“I am a born competitor and whether it is men or women I want to win,” said Jamie Gray, a 2008 Olympian in Rifle. “In a sport that is equal between men and women I would most definitely enjoy the competition. I started out only knowing that men and women compete against each other. It wasn’t until I learned shooting was an Olympic sport that I realized men and women didn’t compete against each other. It is exciting to me that there are still sports out there that men and women can be equal, however for other reasons it may be better that there are different categories for each.”

From 1968 through the 1980 Olympic Games, Olympic shooting events were mixed, with opportunities for women and men to participate regardless of gender. At the 1980 Games in Moscow, there were six shooting events contested. At the upcoming Games in London, there will be 15 events contested. Opportunities for women to compete in Olympic shooting have not shrunk with the dissolution of “mixed” events, but rather have grown as a result not only in our brand of shooting but across all platforms of the shooting sports. In Olympic competition, 14 women got the opportunity to compete in shooting at the 1980 and 1976 Olympic Games combined. Since that time, the numbers have risen from 77 in 1984 to 145 female competitors at the 2008 Olympic Games in Beijing.

Shan Zhang Won Gold in 1992
Recent history also suggests that woman can perform alongside men in shooting competitions. At the 1992 Olympic Games in Barcelona, female competitor Shan Zhang of China became the Olympic gold medalist that year in mixed-event skeet, topping a field of both men and women. Over two days of competition she produced a score of 373 out of 375, a new Olympic and world record. She also became the first woman in the history of the Olympic Games’ shooting competition, to beat all the male shooters in her event. Since that time, no mixed events have been held in an Olympic shooting competition.

“As a proud American female citizen, participating in a sport where gender-specific characteristics are not advantageous, I would overwhelmingly favor a chance to compete in a mixed event — or at least a women’s event with an equal number of targets as the men,” said Kelsey Zauhar, a USA Shooting National Team member in Shotgun.

“I think that anytime you have competition where size or strength is not a factor, females can absolutely compete with the males,” said USA Shooting National Team Pistol shooter and USAS Board member Sandra Uptagrafft. “The fundamentals of executing a good shot work the same regardless of gender, size or age. The question of why females no longer compete with males or why we have differing number of shots in the same events comes up often when I explain our sport to new people. It does seem sexist, but the fact that we have separate events from males in the Olympics actually is a good thing since more females can compete this way. There can only be so many people on the shooting line at one time. I personally am just happy to have a sport like shooting in which I can excel.”

FACTOID: Research by the National Sporting Goods Association shows female participation in target shooting grew by 46.5% between 2001 and 2010. And an October 2011 Gallup Poll found 23 percent of women own a gun. According to the National Shooting Sports Foundation, from 2001 to 2010, female participation in hunting grew by almost 37 percent.