(CHRISTIAN SCIENCE MONITOR) — New York — Gun maker Colt Defense LLC filed for chapter 11 bankruptcy late Sunday, allowing for a quicker sale of operations in the U.S. and Canada.
In its filing, the company estimated that it owes up to $500 million to up to 50 creditors. It also listed assets of up to $500 million.
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The West Hartford, Connecticut-based company said it secured $20 million in financing from its current lenders and will continue to operate while in bankruptcy. The entire restructuring process is expected to be complete within 90 days, after which Colt plans to remain in business.