#ColtDefense

Hartford gunmaker Colt’s Manufacturing has introduced a new carbine model at the 2017 Bahrain International Defence Exhibition & Conference (BIDEC). The weapon, called the M5 Enhanced Carbine, is an AR-15-style rifle fitted with Geissele Super Modular Rail handguards sporting low profile screw mounting points, an ambidextrous lower receiver, and a short-stroke gas piston and operating rod gas system. The website Army Recognition has posted an article on the new carbine, as well as what appears to be a segment of a press release from Colt:

Colt’s Manufacturing is in hot water: A lawsuit filed in the District Connecticut court by finance company Prestige Capital is targeted at the gunmaker, with the aim of recouping half a million dollars plus legal fees and interest over what the plaintiff claims was a breach of contract during the production of the Expanse Carbine. The suit follows Colt’s scaling back of a contract for the Colt Expanse, a budget priced Colt-branded carbine whose production was farmed out to Bold Ideas, also known as Colt Competition. Colt’s contract with Bold Ideas allowed them to scale back production of the rifles – originally set at 6,000 to be delivered each quarter – but required 60 days’ notice. According to a letter cited in the suit, which was filed at the end of June, Colt scaled back production to 2,400 units per quarter “immediately” in March.

Saw this photo online. However I am not sure about the provenance behind it.

Disclaimer: I don’t really speak financialese, and therefore would urge readers to double-check anything I’ve written on the subject. Don’t be afraid to correct me in the comments, either!

The news stories about Colt’s have been piling up recently. I admit I am not as well-versed in financial-ese as I could be, which has made me hesitant to cover the subject. It’s a good thing, then, that Hognose of WeaponsMan has covered the ongoing saga of financial flailings better than I could have:

Colt Defense got in hot water recently; there was some uncertainty over whether the manufacturer would default on its outstanding loans. The firm recently announced good news regarding their financial troubles, however, as they were able to secure a loan for $33 million. HeraldOnline.com reports:

Following right on the heels of Colt Defense narrowly avoiding default on its loans, Colt Defense announced it may miss its May 2015 high yield bond payment. Forbes reports:

Colt has announced the release and first order of the CK901 7.62×39 direct impingement AR-AK hybrid (not to be confused with the ARAK-21 from Faxon). The weapon systems has been ordered by the Yemeni Republican Guard as a replacement for their current AK-47 systems.