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Sciens Capital Management said on Friday that it has lined up the cash to stay involved in the capital-raising effort designed to pay gun maker Colt Defense LLC 's way out of bankruptcy, Dow Jones Daily Bankruptcy Review reported today. Colt's private-equity owner negotiated a longer timeline to come up with the $15 million it pledged to the turnaround of its long-time portfolio company after missing a Dec. 28 initial funding deadline. The first revised deadline is Friday, and Sciens said that it has sufficient cash to meet it, allowing Colt to exit chapter 11 soon.

Bankrupt San Bernardino, Calif., says that it can’t afford to pay more than 100 people who have sued San Bernardino for injuries and deaths allegedly caused by its police officers and employees, the Wall Street Journal reported today. Under the city’s bankruptcy plan, the city would spend $56.5 million in the next five years to hire more officers and buy new vehicles. The plan, however, would inflict some of the deepest cuts on people who have sued over incidents of alleged police brutality or excessive force. San Bernardino’s bankruptcy plan proposes a 1 percent payment rate, though city officials promised to negotiate each lawsuit separately. Some might get insurance money, the city said, though it hasn’t provided details. San Bernardino faced 109 lawsuits seeking a total of $19 million in “personal injury and bodily injury” claims against the city and its employees as of Nov. 25. Bankruptcy Judge Meredith Jury is scheduled to review objections to the city’s bankruptcy-exit summary at a March 9 hearing. If she approves the plan, it would go to creditors for a vote.

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.