Gun maker Colt Defense LLC won confirmation on Wednesday of its chapter 11 plan, the end point of a contentious bankruptcy case, Dow Jones Daily Bankruptcy Review reported yesterday. Most objections were swept aside in deals in advance of the hearing in the U.S. Bankruptcy Court in Wilmington, Del., where Judge Laurie Selber Silverstein granted approval to the workout plan. Colt filed for chapter 11 protection in June, blaming the loss of key military business and an overload of debt. In September, Colt reclaimed a U.S. Army contract to provide M4 rifles, an opportunity to tap into a planned $212 million of government spending in the coming years.
