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Colt Insider’s Bid for Control Sets Up Bankruptcy Court Showdown
Colt: Inside a 179-Year-Old Gunmaker's Bankruptcy
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Bankruptcies can be a crapshoot for investors. Managers and insiders sometimes maneuver to keep control of the business while leaving other creditors scrambling for pennies.
That may be the case with Colt Defense LLC, whose owner took steps this week to hold onto the faltering company while sloughing off enough debt to give the maker of M4 carbines and M16 rifles a fighting chance at survival.