Pryor Cashman has been retained to represent Wilmington Savings Fund Society, FSB (WSFS) in the recent bankruptcy filed by firearms manufacturer Colt Defense LLC.

Colt filed its petition on June 14, 2015 in the U.S. Bankruptcy Court for the District of Delaware.  The case, In re Colt Holding Company LLC, et al., Case No. 15-11296 (LSS) is pending before U.S. Bankruptcy Judge Laurie Selber Silverstein.  

Pryor Cashman is representing WSFS, first as agent to a $70 million pre-bankruptcy term loan and then as agent to a $13.33 million bankruptcy term loan. The latter loan is part of a pending $20 million DIP loan to allow Colt to operate during chapter 11.

Representing WSFS is Partner Eric Hellige, Co-chair of Pryor Cashman's Corporate group, and Partner Seth Lieberman and Associate Patrick Sibley, both members of Pryor Cashman’s Bankruptcy, Reorganization & Creditors’ Rights Group.

The Colt bankruptcy was the subject of the July 6, 2015 Law360 article, “Colt Owner Blasts Bondholder-Backed $75M DIP.” To read the article, please click here.

To read an earlier article in Law360 from June 16, 2015, please click here.