Legendary gun maker Colt files for bankruptcy

Colt Defense, the 179 year old creator of the legendary "gun that won the West", announced Monday that it filed for bankruptcy due to weak popular sales and government orders. "While entering Chapter 11 protection in the absence of a consensual agreement with our noteholders was not our preference and we do not take it lightly, we are confident it is the best path going forward," said Keith Maib, chief restructuring officer at Colt. Under the plan, Colt plans an "acceler