Embattled gun maker Sabre Defense and its subsidiary Manroy USA have agreed to Article 9 liquidation, according to the press release:
Sabre Defence Industries, Inc. in cooperation with its secured creditors seek buyers for manufacturing assets in Spindale, NC. Spindale, North Carolina – Sabre Defence Industries, Inc. and its subsidiary Manroy USA, LLC have, in agreement with their secured creditors, agreed to work together to find a new buyer for the assets of the company. The Sabre’s manufacturing operation is located in Spindale, North Carolina. Manroy USA, LLC purchased the assets of the old Sabre Defence Industries, LLC of Nashville, Tennessee in 2011 and relocated to the operation to a 135,000 sq/ft facility in Spindale, North Carolina. The current, and new, Sabre Defence Industries, Inc. purchased Manroy USA, LLC at the beginning of 2014, which proved to be tough timing for such a purchase. Sabre Defence is best known in defense contractor circles for its production of the Stellite™ lined M-2 50 Caliber Barrels, as well as, M-2 bolts, M-10 charging handles, M-4 carbines and M-16 rifles. The civilian market once also held their MSR’s in high regard, many of which were hand fit with accurate barrels that were made in house. Michael H Blank who will be handling the deal on behalf of the company and its creditors said, “It’s definitely an operation that never realized its potential. The decision to not participate in the civilian market during the boom proved to be a mistake by the previous ownership and the present owners came in just as that marked ended. This left the current owners with a contracting market and no open market channels when no one wanted to add more vendors. On the military side they had to re-clear first article which takes time. At the end of the day it was just a matter of tough timing and not enough time to get this operation to sustainability.” All parties interested in making an offer on this companies assets are asked to go to www.GunFunder.com and on the Sabre page fill out the SDI interested parties form. All parties will be contacted and verified parties will be given access the online documents and an extensive photographic database.