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Old 12-18-2015, 04:56 AM   #1
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Colt Back In Business

Colt Gets Green Light to Reorganize Following Chapter 11 Bankruptcy
by S.H. Blannelberry on December 17, 2015

It appears that our beloved Colt Defense LLC is seeing the light at the end of the tunnel following years of financial turmoil.

Colt announced this week that its plan to reorganize was accepted by the United States Bankruptcy Court for the District of Delaware, a key hurdle for a company seeking to get its ducks in a row.

“Today we achieved the last important milestone on Colt’s path to emerging from Chapter 11 as a stronger and more competitive company,” said Dennis Veilleux, President and Chief Executive Officer of Colt Defense LLC.

“We greatly appreciate the dedication and support of our extraordinary employees during this process, as well as the support we received from our financial stakeholders, Sciens Capital and our customers and vendors,” Veilleux added.

https://www.gunsamerica.com/blog/col...11-bankruptcy/
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Old 12-18-2015, 07:57 AM   #2
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I read about that yesterday. I also read that Sciens will continue to be a stakeholder but not the majority owner anymore, which to me is very good news. Sciens is just the latest corporate raider to own Colt, and this accepted plan will give Sciens legal immunity for the sometimes outright fraud they perpetrated under the Colt name, namely worthless bonds. Sciens could end up with a majority stake in the end, but so could someone else.

The current management at Colt stays in place and that's also very good news because they have done a pretty decent job (although I still don't fully understand their product line), quality is certainly back to where it needs to be, and prices are very competitive. I'm back to looking at Colt first when I look at 1911's.

I would love to see Colt's picked up by an investment firm who is reasonable about profits, but who actually cares for the product and the brand.
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Old 12-18-2015, 08:22 AM   #3
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To All,

Personally, I'd like to see COLT get OUT of the Northeast & move to Texas, away from the leftist morons & their "agenda".

yours, sw
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Old 12-18-2015, 06:07 PM   #4
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As I have posted in the past, I basically dumped a Kimber Super Carry Pro after buying a Colt Wiley Clapp LW Commander.. Don't regret it a bit. I also went with a 6920 M4, trading my Rock River. Both of these guns are fine examples of quality gun making. I hope that they can "turn it around". I can't help but enjoy the fact that I have a couple of guns with a Rampant Pony on them.

SW, while I would love to see Colt open up a plant next to Remington in Huntsville, Al, I just don't think that's gonna happen. Shame too, cause with retirement from the Sheriff's Office not too far away, might be a nice place to get a part time gig.
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Old 12-19-2015, 04:16 PM   #5
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OK, the article mentions Colt Defense-which used to deal solely with government entities. What about Colts Patent Firearms Manufacturing, which was the NGE manufacturing and sales part?

For those who recently bought Colt products, do they still have the one year if-it-breaks-you-can-keep-all-the-pieces-no-extra-charge warranty? I have noticed that in this trip through bankruptcy, someone has realized that folks won't pay extortionate prices for their (frequently badly made) products.
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Old 12-21-2015, 11:49 AM   #6
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Originally Posted by William R. Moore View Post
OK, the article mentions Colt Defense-which used to deal solely with government entities. What about Colts Patent Firearms Manufacturing, which was the NGE manufacturing and sales part?

For those who recently bought Colt products, do they still have the one year if-it-breaks-you-can-keep-all-the-pieces-no-extra-charge warranty? I have noticed that in this trip through bankruptcy, someone has realized that folks won't pay extortionate prices for their (frequently badly made) products.
I don't believe there exists an entity of Colts Patent Firearms Manufacturing, it's just Colt's LLC which falls under the umbrella of Colt Defense.
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Old 01-01-2016, 05:26 AM   #7
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It appears that our beloved Colt Defense LLC is seeing the light at the end of the tunnel following years of financial turmoil.
If they're, "seeing the light at the end of the tunnel", it's nothing more than a train coming the other way. Colt couldn't make money on a bet. They have been plagued with management incompetence for decades. That, combined with a plethora of worthless firearm introductions over the years like the "Colt 2000", along with all of their silly "Smart Gun" technology, have driven nails into their own coffin faster than an pneumatic nail gun.

And if that isn't enough, they discontinued production of the Python and Anaconda revolvers that represented the kind of quality Colt had become famous for over the years. And the kind of quality customers were willing to pay for. It's almost as if they choose the worst possible business option that is on the table at any given time. Add to that all of the government M-16 contracts they've managed to land over the years, and Colt should be fatter financially than a cigar smoking investment banker.

Instead they manage to barely scrape along, year after year, considering it a triumph able to keep their doors open, instead of nailed shut with plywood. I'm afraid this latest Band-Aid Colt has been given will not be anywhere near enough to stop the continual financial hemorrhaging that company has endured since the 70's. Simply because they keep putting the same type of people in charge.... Bean counters, instead of actual people who have knowledge of the firearms markets, and can translate what people want to purchase, into what they actually produce. Until they do they'll remain on financial life support.
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Old 01-07-2016, 01:43 PM   #8
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I think the current management of Colt's is doing pretty well for themselves. The bankruptcy was bound to happen even with good management because they had lousy ownership. Everyone involved is happy with Colt's current management, so if they can re-organize under a leadership that isn't looking to siphon every dollar off of the company, then Colt's stands a good chance. They have certainly addressed any quality problems they have had in the past, and their 1911's are competitively priced these days, and they're VERY nice. I love my 100 year anniversary .38 super!

Their model lineup still makes me scratch my head a bit, but I'm not what you'd call a "typical" customer; I'm the discerning enthusiast.

I'd love to see them do some retro guns as regular production items, and I'm not talking the re-introduced Series 70 (that one just seems goofy to me).

If they made their bright stainless .38 Super more available (seriously, have you ever seen one in the flesh???), that would be a good idea.

WW I & WW II model 1911's will always be welcome. And a pre-War .38 Super would have me frothing a the mouth.
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Old 02-10-2017, 10:43 PM   #9
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Call me crazy, but wouldn't the .38 Super make a nice Police round today? I wonder how it compares to the .40 S & W?

A double stack magazine might fit more .38 Super rounds than .40s, too.
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Old 02-11-2017, 01:05 AM   #10
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The biggest problem with the .38 Super today, is it's been drastically downloaded to the point it nowhere represents the original loading. You still can get some good loadings from places like Cor-Bon. But factory loads from Winchester, and Federal are basically like .38 Special +P loadings. Not on a power level near the .357 Magnum, that the early .38 Super loads were.

The 10 MM Auto has faired much the same way. Original 10 MM loads were very hot. Which caused the .40 S&W market to be created. The .40 S&W was a bit like a "10 MM Special". Created because of F.B.I. Agents who were having difficulty controlling the 10 MM, with full house loads that were available at the time. This, and lawyers have brought about power reductions in ammunition across the board since the early 1970's.
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Old 02-11-2017, 06:20 AM   #11
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At best the .38 Super ACP is about equal to the 357 SIG, which is based on the .40 S&W case, based on the 125 gr. HP bullet.

The 357 SIG is very expensive, but enjoyed some small popularity, now the 9x19 is making a come-back with law enforcement.

Geoff
Who is buying 9mm pistols, and a .38 Special revolver S&W Model 638, now days.
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Old 02-12-2017, 04:04 PM   #12
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The one thing I have noted lately is that Colt parts prices now show some recognition of market forces and the customers unwillingness to overpay for crappy quality.

Besides figuring out product lines, they need to maintain top notch quality. QC shoved them into the previous bankruptcy. I haven't bought anything from Colt since the mid-1980s and don't expect to......at least until they prove a commitment to quality.
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Old 02-13-2017, 12:42 PM   #13
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The one thing I have noted lately is that Colt parts prices now show some recognition of market forces and the customers unwillingness to overpay for crappy quality.

Besides figuring out product lines, they need to maintain top notch quality. QC shoved them into the previous bankruptcy. I haven't bought anything from Colt since the mid-1980s and don't expect to......at least until they prove a commitment to quality.
Their quality on their 1911's has been back for at least a decade. Back in 2004 when I bought my S&W LW Commander, shortly afterwards a friend shows up to the range with a new Colt LW Commander, and I thought the Colt was nicer in every conceivable way. Now my S&W has been a very good performer for a lot of years, but I did have a case of buyers remorse. Since then I picked up a Government model .38 Super in 2011 and it is easily my best shooter. Completely reliable and very accurate. As to execution of the build, the frame & slide are FLAWLESS. The small parts are very high quality. Hammer is made from solid barstock, sear is MIM but of excellent quality. Slide stop is old school forged/milled, trigger is aluminum on a stainless stirrup. The only "offending" part is the MSH which is synthetic, but its high quality synthetic. It's a very well built 1911 that has been perfect for several thousand rounds.
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Old 02-13-2017, 06:17 PM   #14
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As Colt was in receivership and wasn't picked up by the "Freedom Group Family of Companies", I'm not sure that the come back will be long lived.
Freedom Group Family of Companies
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Old 02-24-2017, 05:00 PM   #15
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The General has done a great job ingetting them back on their feet.
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Old 02-25-2017, 09:08 PM   #16
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On another forum some people who used to work for Colt are reporting that Colt had a major?? layoff this weekend with a number of their better employees out.

They can't report exact details, but not looking real good.
Their opinion is this is another case of mis-management and shooting of feet at Colt.
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Old 02-26-2017, 06:09 AM   #17
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On another forum some people who used to work for Colt are reporting that Colt had a major?? layoff this weekend with a number of their better employees out.

They can't report exact details, but not looking real good.
Their opinion is this is another case of mis-management and shooting of feet at Colt.
I just ran a search and there's no news reports less than a couple of years about Colt layoffs. Will try again maybe Tuesday.
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Old 02-26-2017, 07:55 AM   #18
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There's chatter, but nothing released publicly, yet. I'm convinced that something happened there on Friday. Probably won't be a secret long.
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Old 02-27-2017, 08:07 PM   #19
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I know a lot better than to doubt the takes of this crew on what might be going on there, but if that is how it is going, it is very sad. The company apparently had very high hopes as of just a month ago:

Post-Bankruptcy, Colt Wants a Bigger Piece of Gun Sales | Fox Business
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Old 02-28-2017, 01:53 AM   #20
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There were articles claiming Colt was loaded up with debt by previous group ownership. If so it's a poison company. The only way the name will survive is being bought in bankruptcy.
Geoff
Who doesn't understand business.
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