Gun Maker Colt Files for Bankruptcy

Connecticut-based gun maker Colt Defense has filed for bankruptcy protection, as it grapples with a heavy debt load.
The company says it plans to continue its normal business operations during its restructuring.
Keith Maib, the company's chief restructuring officer, said in a statement: "Colt remains open for business and our team will continue to be sharply focused on delivering for our customers and being a good commercial partner to our vendors and suppliers".
Colt has a long US history, known for making American firearms for more than 150 years.