Colt Defense said it has completed its financial restructuring and emerged from its Chapter 11 bankruptcy process.
The West Hartford company concluded its restructuring after completing all required actions and satisfying all remaining closing conditions included in its court-approved reorganization plan.
Under the plan, Colt said it has restructured and reduced its debt by $200 million, improved its capital structure, and enhanced its liquidity profile. It also raised $50 million of new capital in the restructuring process.
In addition, the company said it has executed a long-term lease for its West Hartford headquarters and signed an agreement with the United Auto Workers union that represents its employees.
Dennis Veilleux, Colt president and CEO, said in a statement. “Importantly, we were able to restructure our balance sheet while meeting all obligations to our customers, vendors, and suppliers throughout this process.”
