Legendary gun maker Colt Defense, the sole supplier for the Union Army during the Civil War, has declared bankruptcy due to faltering sales and heavy debt.

coltColt, which calls the Chapter XI filing a "fast track restructuring," plans to sell assets in the US and Canada to its private equity sponsor Sciens Capital Management. Proceeds are earmarked for debt reduction.

Competing bids for Colt's assets are to be sought and evaluated by an independent committee. SCM serves as "stalking horse bidder" in the auction process.

Keith Malb, Colt's restructuring officer, said the revamp "provides a sound path of stewardship for an iconic American brand and the key stakeholders we service."

SV&C's Matt Benson and Trevor Rees handle media for the West Hartford, Conn.-based, more than 175-year-old firearms company.