#Financial

According to a press release issued earlier today by Heckler & Koch, the Chairman of the Executive Board and Chief Executive Officer of parent company H&K AG Norbert Scheuch has been terminated from his position by the supervisory board. The release also stated that Wolfgang Hesse, the current sole Executive Board member, would be taking over operations for Heckler & Koch until Scheuch’s replacement can be appointed.

What is happening at Colt? That’s the question on many people’s minds as news of layoffs in the company began to trickle out starting on Tuesday. Rumors of massive layoffs at Colt began with a post at Pistol-Forum by member “misanthropist”, who wrote:

Sciens Capital Management, the hedge fund managers that own Colt Defense, LLC, have failed to meet the January 8 deadline for funding the famous gunmaker’s exit from bakruptcy. The Wall Street Journal reports:

Colt’s exit from bankruptcy has hit a snag: The owners of the company, Sciens Capital Management have defaulted on a $15 million funding commitment to Colt Defense LLC, as part of the company’s exit from bankruptcy. The private equity company agreed to pay the money to help Colt meet its commitments to its lenders, but failed to actually provide the money within the deadline.  Nasdaq.com reports:

Remington has announced major changes in its senior leadership, including the vacation of its chairman and CEO, and of other major board members. RECOIL Web reports:

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!

Cerberus, the financial group that owns Remington and the other members of the former Freedom Group, have met with no success in selling the company, an effort that began due to political pressures from its investors. The Wall Street Journal reports:

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: