The iconic firearms maker, Colt, recently filed for bankruptcy protection on June 14, 2015. Colt hopes this will allow for the restructuring of its debt while remaining open for business. This not the first time that Colt has run into financial difficulties. Sam Colt opened his first firearms plant in 1836 but it closed 6 years later because of poor sales. In 1855, he reopened and the company has been manufacturing firearms since. Its recent troubles were due in part to losing a contract with the U.S. Military which ended in 2013.
I bring this case to your attention to point out two things. First, financial hardships happen to good companies and good people. Colt Firearms has an excellent chance to come out of this in a much better financial position so that it can continue to make firearms that people want to buy. Secondly, Colt will have an excellent and experienced team of lawyers to guide the company through the bankruptcy process.
At Bond and Botes, our goal is to help you get to a better financial situation than the one you may be facing now. Just as Colt firearms reached out to get legal advice, so can you by contacting our office where you can schedule a free initial consultation with an attorney to discuss your options. We also work as a team, so you are getting the added benefit of many, many years of bankruptcy experience.
Robert Reese is a Managing Attorney at the Bond & Botes Law Offices in Birmingham, Alabama. He holds a Bachelor of Science from Jacksonville State University, and a Juris Doctorate from the Birmingham School of Law. Robert is also a member of the National Association of Consumer Bankruptcy Attorneys (NACBA). Read his full bio here.