HONOLULU (KITV4) -- It's been 15 years since legendary quarterback Colt Brennan last took a snap for the University of Hawaii. On Sunday, a decade and a half later, the state of Hawaii came ...

A Colt Mark IV Government Model 45 caliber handgun pictured with clip on June 15. Firearms maker Colt filed for chapter 11 bankruptcy-court protection in June. Photo: European Pressphoto Agency ...

While a hefty asset write-down flagged up last month pushed the group £609.3 million into the red, Mr Akin insisted Colt remained on course to be cash-flow positive by 2005.

Colt submitted the revolver to the army for testing, but it was rejected. The army wanted a more powerful cartridge and a more robust revolver than an open-top.

Česká zbrojovka Group said it will acquire all of Colt's business for $220 million and about 1.1 million new shares of the Czech firm's stock.

Colt, whose more than 175-year history includes the development of a revolver it calls “the gun that won the West,” is seeking to slash its roughly $358 million debt load in chapter 11 bankruptcy.