Colt Pulls the Trigger on Bankruptcy Filing

Colt Defense LLC filed for chapter 11 bankruptcy protection Sunday night, warning its business is in a fragile state and it needs a quick sale to survive, The Wall Street Journal reports.

Federal bankruptcy watchdogs and lawyers for California’s attorney general grilled representatives of Corinthian Colleges Inc . on Friday, seeking information about what brought down the operator of for-profit schools. Read the Daily Bankruptcy Review story in the Journal.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

At least nine dry-bulk shippers have filed for bankruptcy protection since the start of the year, and the number may well double before the end of the year, the Journal reports.

Michigan’s Wayne County plans to sell nearly $187 million of general obligation limited-tax notes next week, while warning potential investors that it could be headed to federal bankruptcy court, Reuters reports.

RadioShack has filed a bankruptcy liquidation plan explaining how the remaining assets of the once-iconic, Fort Worth-based consumer electronics retailer will be distributed, reports Bloomberg.

The New York Times catches up with Timothy L. Blixseth, a 65-year-old former billionaire, who’s now in his eighth week in a Montana jail.

Write to Patrick Fitzgerald at [email protected]. Follow him on Twitter at @PatFitzgerald23