|
Registered
Join Date: Sep 2001
Location: Dismal Nitch, AZ
Posts: 9,042
|
Colt May Default - Bloomberg - Today
Colt, whose credit rating was cut by Standard & Poor’s today to CCC-, has been struggling to service its $308 million of debt after losing U.S. contracts due to defense budget pressures and amid dissipating concern that the government will limit the ownership of firearms. Consumers rushed to buy weapons after shootings in Newtown, Connecticut, and Aurora, Colorado, fueled speculation that federal restrictions would increase.
S&P’s rating reduction reflects “the increased likelihood of Colt defaulting in the coming months, perhaps as early as next week, as a result of the deterioration in its liquidity position due to poor earnings and cash flow in recent months,” analysts led by Chris Mooney wrote in a report today. The rating indicates that Colt is vulnerable to nonpayment.
.
Colt Defense Searches for Financing as Default Looms - Bloomberg
__________________
Don
.
"Fully integrated people, in their transparency, tend to not be subject to mechanisms of defense, disguise, deceit, and fraudulence."
- - Don R. 1994, an excerpt from My Ass From a Hole in the Ground - A Comparative View
|