Morongo Band interested in acquiring Colt gun manufacturer

Tuesday, June 30, 2015  

The Morongo Band of Mission Indians in California is interesting in acquiring the Colt gun manufacturing company, Reuters reports.

Colt declared bankruptcy on June 14 and might be for sale. An attorney said the company could qualify for government contracts under tribal ownership.

"Colt is an iconic business and we're sort of intensely interested in helping a business like that," Drew Ryce told Reuters.

Colt owes upwards of $500 million to creditors, according to the Associated Press. The company lost a military contract but being minority owned could bring some benefits.

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California tribe eyes bid for gun maker Colt (Reuters 6/30)