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Colt Defense LLC: Maker of 'The Gun that won the West' files for bankruptcy

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Bill Cody Announcement comes amid a slump in sales and delays in government orders Colt Defense LLC, the 179-year-old gunmaker that supplies M4 carbines and M16 rifles to the US military and those of many foreign nations, said it took the action to enable a quicker sale of operations in the US and Canada.The West Hartford, Connecticut-based company said it secured $20m in financing from its current lenders and will continue to operate while in bankruptcy, the Associated Press said. The entire restructuring process is expected to be complete within 90 days, after which Colt plans to remain in business.The M-4 carbine is one of Colt's best-selling weapons In its filing, the company estimated that it owes up to $500m to up to 50 creditors. It also listed assets of up to $500m.The company was founded in 1855 by Samuel Colt and the revolvers it produced helped propel the firearms industry away from single-shot pistols. More recently, it was a supplier of the M4 carbine to the U.S. militar…