Famed U.S. gun maker Colt Defense LLC said that it has emerged from bankruptcy after concluding a financial restructuring in which it reduced its debt by about $200 million, Reuters reported yesterday. Dennis Veilleux, Colt's president and chief executive officer, said in a statement that Colt, which raised $50 million in new capital, would come out of chapter 11 protection with a "solid capital structure, significantly less debt and much greater financial flexibility." Hurt by the loss of military contracts and falling sales of sport rifles, Colt filed for bankruptcy last June. The company last month won U.S. court confirmation of a plan to cut its debt and boost liquidity and said it would have a new lease for its West Hartford, Conn. facility.
