Gun maker Colt Defense LLC has pushed back until Wednesday a planned showdown with bondholders that are offering what they say is a superior financing package to get the company through bankruptcy, the Wall Street Journal reported today. Colt’s lawyers say that it wants to take more time to review the loan offer from bondholders, which is an alternative to a deal the company brought with it to bankruptcy court last week. Colt asked for the adjournment in an emergency hearing on Friday before Bankruptcy Judge Laurie Silverstein, seeking “additional time for a consensual resolution of the otherwise costly litigation,” in the words of company lawyer John Rapisardi. An open-court fight threatens to be a “very, very expensive and damaging process,” the company’s lawyer warned.
