Colt: Iconic US firearms company gunning for a sale after bankruptcy announcement

Clint Eastwood's character Blondie in the The Good, The Bad And The Ugly may have taken a moment to pause and contemplate his Colt revolver after its manufacturer filed for Chapter 11 bankruptcy on 15 June.

A day earlier, the company announced it would file papers in the US Bankruptcy Court of Delaware. However, all the company's "iconic brands, products, and operations" will be transferred to Sciens Capital Management.

Sciens, the statement said, will buy up the company and bring with it a "stronger balance sheet due to a significantly lower debt burden". All of Colt's assets and debts will be transferred to the company. The gunmaker owes $500m ($321m) to as many as 50 creditors.

The company has locked down $20m in financing to continue its operations while the sale is finalised.

As part of the takeover, Colt said it wanted to let its employees and the community of West Hartford — where its factory and headquarters are located — know that it would stay in the community. Its lease, the company said, would be extended, ensuring local operations.

The firearms designer and manufacturer's weapons have become iconic symbols of the American Wild West through their recurring use in westerns such as the Eastwood film, where the main character used a Colt 1851 Navy Revolver in a well-known scene.