.......A Colt lawyer also told a U.S. bankruptcy judge that the gun maker may ditch its plan to sell itself to its current owner, Sciens Management, and wipe out $250 million of bond debt.
........To overhaul its debt quickly, Colt has proposed selling Colt to its current owner Sciens, essentially setting the price at zero dollars. Colt would then exit bankruptcy much as it is today, but without its bond debt.
.........Just hours before the hearing began, Robert Stark, of Brown Rudnick, which represents a group of large bondholders, presented the proposal for lending Colt desperately needed money. Stark wanted the judge to order Colt to accept the proposal, which he said was more favorable toward Colt.
h&K
