Colt Defense files for bankruptcy

Colt_logo_defenseColt Defense has encountered financial difficulties following delayed government sales and a difficult trading environment. The company plans to trade through the problems and remains open for business.

Colt has been in trouble before according to Bloomberg.com. In 1842 the first plant was closed after sales slumped, but Samuel Colt designed a powerful new revolver and went on to become one of the 10 wealthiest businessmen in the US.

Colt is, of course, responsible for the classic Colt .45 revolver as well as some of the most iconic modern weapons including the original M16 (a design it purchased from ArmaLite) and later the M4 Carbine.