Gunmaker Colt Defense LLC filed a plan of reorganization with a promise of $50 million in new financing, signaling it could be nearing an exit from bankruptcy protection, Bloomberg News reported on Saturday. Colt will receive the additional money from its private-equity owner Sciens Capital Management LLC, as well as Fidelity National Financial Inc., Newport Global Advisors LP and certain lenders to help execute its business plan. It expects to emerge from chapter 11 before year-end, according to documents filed in the U.S. Bankruptcy Court in Wilmington, Del. The plan is supported by Sciens and the owners of more than 60 percent of Colt’s senior outstanding notes due in 2017, marking the end of a months-long battle between the two parties over how best to reorganize the West Hartford, Conn.-based company.
