Colt emerges from Chapter 11

Colt Defense said late Wednesday it has completed its financial restructuring and emerged from Chapter 11 bankruptcy protection.

"Under the Plan, Colt has significantly restructured and reduced its debt, improved its capital structure, and enhanced its liquidity profile," the company said. "Specifically, the Company has reduced its debt by approximately $200 million, after giving effect to $50 million of new capital raised through the restructuring process."

Colt added that it has executed a long-term lease for its West Hartford, CT, facility and entered into an agreement with the United Auto Workers Union.

The company first filed for bankruptcy protection in June.