Long after the Colt .45 tamed the American West, Samuel Colt’s namesake company is waving the white flag in a showdown with its creditors.
Tapping O’Melveny & Myers, Colt Defense LLC filed for Chapter 11 protection on Sunday in U.S. bankruptcy court in Wilmington, Delaware. Richards Layton & Finger will serve as local counsel. The West Hartford, Connecticut-based company lists debts totaling close to $355 million. It pegged its 2014 revenue at $191 million.
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