Colt all shot- up

Colt Defense, whose handguns and rifles were carried by Union troops in the Civil War, was forced to file Chapter 11 bankruptcy protection as a recent string of management blunders hurt its bottom line.

TheWest Hartford, Conn., company missed a $ 10.9 million May debt payment and couldn’t reach a deal with creditors to amend the terms of its loans. Colt hopes to find a buyer before Aug. 3. Sciens Capital Management, which owns a majority stake in Colt, agreed to act as a “stalking horse” bidder, said a Delaware Bankruptcy Court filing.