Business

Dropped by the U.S. Military, Colt Goes Bankrupt

Published

10 years ago

June 17, 2015

(The Daily Beast) – After decades arming American soldiers, first with the Vietnam era M16 and later the modern M4 rifles carried in Iraq and Afghanistan, famed gun manufacturer Colt lost its contract with the military in 2013. It never recovered. Last Sunday Colt Defense LLC filed for bankruptcy after 179 years in business.

Colt’s chapter 11 filing comes after earlier, failed attempts to restructure its $350 million debt were rejected by the company’s bondholders. Last November, the Wall Street Journal reports, borrowed $70 million from Morgan Stanley in a bail-out loan to allow the company to pay down interest on its debts. Under an article of the bankruptcy code, Colt is now headed to auction where it’s hoping for a quick sale. The company lists its sponsor Capital Management LLC, as its “stalking horse bidder,” meaning that Sciens, which which owns close to 90% of the company, has agreed to buy out Colt’s assets and secured liabilities.

The downturn for Colt seems to have started after the company, which had relied on sales to the government, lost a multimillion dollar bid for to arm the military.

Following a drawn-out and contentious bidding war, Colt lost its contract to provide the Pentagon with M4 rifles in 2013. The $77 million contract went instead to a Belgian company, F.N. Herstal.

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Seth Curry Makes Impressive Debut with the Golden State Warriors

Seth looked comfortable in his new uniform, seamlessly fitting into the Warriors’ offensive and defensive system. He finished the night with an impressive 14 points, becoming one of the team’s top scorers for the game. Seth’s points came in a variety of ways – floaters, spot-up three-pointers, mid-range jumpers, and a handful of aggressive drives that kept the Oklahoma City Thunder defense on its heels.

Published

1 week ago

December 4, 2025

Oakland Post

Seth Curry is a point guard on the GSW team.Photo courtesy of the Golden State Warriors.

By Y’Anad Burrell

Tuesday night was anything but ordinary for fans in San Francisco as Seth Curry made his highly anticipated debut as a new member of the Golden State Warriors. Seth didn’t disappoint, delivering a performance that not only showcased his scoring ability but also demonstrated his added value to the team.

At 35, the 12-year NBA veteran on Monday signed a contract to play with the Warriors for the rest of the season.

One of the most memorable moments of the evening came before Seth even scored his first points. As he checked into the game, the Chase Center erupted into applause, with fans rising to their feet to give the newest Warrior a standing ovation.

The crowd’s reaction was a testament not only to Seth’s reputation as a sharpshooter but also to the excitement he brings to the Warriors. It was clear that fans quickly embraced Seth as one of their own, eager to see what he could bring to the team’s championship aspirations.

Warriors’ superstar Steph Curry – Seth’s brother – did not play due to an injury. One could only imagine what it would be like if the Curry brothers were on the court together. Magic in the making.

Seth’s debut proved to be a turning point for the Warriors. Not only did he contribute on the scoreboard, but he also brought a sense of confidence and composure to the floor.

While their loss last night, OKC 124 – GSW 112, Seth’s impact was a game-changer and there’s more yet to come. Beyond statistics, it was clear that Seth’s presence elevated the team’s performance, giving the Warriors a new force as they look to make a deep playoff run.