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REPORT: Colt May Default After Poor Quarterly Results
Grand View Outdoor News ^ | 11/13/2014 | Christian Lowe

Posted on 11/14/2014 3:28:19 PM PST by aimhigh

The Wall Street Journal reports that Colt Defense LLC has filed papers with the Securities and Exchange Commission indicating it does not have the funds to pay back loans and may default on its payments to bondholders.

According to the report, Colt is expected to declare a loss of as much as 60 percent for the quarter over last year, based largely on declining sales and delays in payment for government contracts. Colt told the SEC it may not be able to make a nearly $11 million payment next month on a $248.8 million loan.

(Excerpt) Read more at grandviewoutdoors.com ...


TOPICS: Business/Economy
KEYWORDS: banglist; colt
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delays in payment for government contracts?
1 posted on 11/14/2014 3:28:19 PM PST by aimhigh
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To: aimhigh

Sequester


2 posted on 11/14/2014 3:30:45 PM PST by rdcbn
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To: aimhigh

The fedgov wouldn’t do that to Colt, now, would it?


3 posted on 11/14/2014 3:31:40 PM PST by combat_boots (The Lion of Judah cometh. Hallelujah. Gloria Patri, Filio et Spiritui Sancto!)
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To: aimhigh

I wish I had a Colt Python.

4 posted on 11/14/2014 3:33:03 PM PST by SkyPilot ("I am the way and the truth and the life. No one comes to the Father except through me." John 14:6)
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To: aimhigh

article was written by idiots. they confuse “junk bonds” with “junk stock” (no such thing), and sales losses with operating losses regarding their statements about Ruger and Smith.


5 posted on 11/14/2014 3:33:56 PM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: aimhigh

Maybe Colt could stay in business if they’d leave Connecticut.Production would be cheaper and more efficient elsewhere.Like a real Pro 2nd Amendment State.


6 posted on 11/14/2014 3:34:00 PM PST by puppypusher ( The World is going to the dogs.)
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To: aimhigh

Dangit, I better cough up the bucks for that Woodsman I’ve been wanting before the price of anything with “Colt” on it goes even higher than it already is. Dont ask me why, I’ve just always wanted one for some reason


7 posted on 11/14/2014 3:37:00 PM PST by FunkyZero (... I've got a Grand Piano to prop up my mortal remains)
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To: aimhigh

Hope this isn’t fallout from that DOJ banking scheme.


8 posted on 11/14/2014 3:39:53 PM PST by sgtyork (Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy)
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To: aimhigh

In days gone by, I had to call the woman cutting checks at the State department and beg her to pay my bills

She always paid but not on time


9 posted on 11/14/2014 3:42:38 PM PST by bert ((K.E.; N.P.; GOPc.;+12, 73, ..... Obama is public enemy #1)
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To: SkyPilot

Colt stopped making all these revolvers many years ago.
Big mistake.
No Pythons, no Detective Specials.
And they missed the boat on the 2009-today boom times in the private firearms market.


10 posted on 11/14/2014 3:44:13 PM PST by buwaya
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To: SkyPilot

I wish I had a single action army. I will eventually be able to get one of the italian knockoffs but I would love to get a real one.

CC


11 posted on 11/14/2014 3:51:17 PM PST by Celtic Conservative (stercus accidit)
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To: aimhigh

Colt should have gotten away from the government nipple long ago. The government since its being ran by left wing fascists is going to screw an arms manufacturer.


12 posted on 11/14/2014 3:56:46 PM PST by ColdSteelTalon (Light is fading to shadow, and casting its shroud over all we have known...)
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To: aimhigh

Now, why would a producer of over priced firearms be in trouble?


13 posted on 11/14/2014 3:56:53 PM PST by Seruzawa (Gully Foyle is my name, and Terra is my nation)
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To: aimhigh
I have a number of Colt Single Actions. The earliest is one from 1876 in 45 Colt. Next is a Henry Nettleton Cavalry from 1878. The latest are the 3rd generations. I have some variations of the 1911’s and so on.
14 posted on 11/14/2014 3:57:59 PM PST by Parley Baer
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To: aimhigh

Operation chokepoint?


15 posted on 11/14/2014 3:58:45 PM PST by dangus
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To: Parley Baer

I think it would be neat to get a Series 70 1911, if they are still available.


16 posted on 11/14/2014 4:01:26 PM PST by Wilhelm Tell (True or False? This is not a tag line.)
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To: aimhigh

CLTDEF 8 3/4% bonds due 11/2017 were trading in the 40s today before I left. Sold them to clients at 55 2 yrs ago and got them out around 85. YTM=40%+. CC+ rated (very speculative). If they don’t pay tommorrows coupon, they are in default. Don’t expect to to get the next 5 coupons, and don’t expect a 102 call.


17 posted on 11/14/2014 4:21:11 PM PST by DCBryan1 (No realli, moose bytes can be quite nasti!!)
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To: SkyPilot

The python has the best trigger of any production handgun I have ever fired. It is a pity that it is out of production.


18 posted on 11/14/2014 4:24:15 PM PST by FBRhawk (Pray with faith, act with courage, never surrender!)
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To: aimhigh

Maybe one could pick up some of their AR’s at fire sale prices.


19 posted on 11/14/2014 4:25:23 PM PST by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
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To: FBRhawk

I wish I had one.


20 posted on 11/14/2014 4:31:17 PM PST by SkyPilot ("I am the way and the truth and the life. No one comes to the Father except through me." John 14:6)
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