Bankrupt gun maker Colt gets revised loan, eases rush to sale

Colt will accept a loan of up to $75 million from its bondholders and other lenders to finance its operations while in bankruptcy. U.S. Bankruptcy Judge Laurie Silverstein in Wilmington, Delaware, allowed Colt to use some of that $20 million loan last week so the company had the cash to meet payroll. Bondholders had argued the original loan set in motion an auction of its operations and that Colt's current owner, private equity firm Sciens Capital Management, would end up winning the auction without bidding anything.

Bankrupt gun maker Colt gets revised loan, eases rush to sale source: http://finance.yahoo.com/news/bankrupt-gun-maker-colt-gets-164519641.html