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US gunmaker Colt files for bankruptcy

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US gunmaker Colt files for bankruptcy

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The legendary US gunmaker, Colt is filing for bankruptcy.

The Conneticut based firm, which has been making weapons for 160 years, has been struggling for months because of poor sales and a heavy debt-load of around 260-million euros.

Last month, Colt Defense, whose M1911 was the primary sidearm for the U.S. military, missed a €10 million payment last month to holders of €250 million in its senior bonds.

Colt says it intends to continue with its normal business operations during restructuring through an accelerated sale process.