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COLT ASKS COURT TO NAME MEDIATOR TO RESOLVE BANKRUPTCY ISSUES; OPERATING PROFITABLY, COMPANY EAGER TO END CHAPTER 11

 HARTFORD, Conn., Feb. 8 /PRNewswire/ -- Colt's Manufacturing Company, Inc., one of the world's foremost producers of high-quality handguns, today filed a motion asking the Federal Bankruptcy Court in Hartford to designate a mediator to help its creditors reach consensus on a plan of reorganization.
 The company, which has operated profitably in the last three quarters since its Chapter 11 filing in March 1992, said it has taken this significant step to break a deadlock blocking rapid approval of a consensual plan. Most of the seven creditor groups have agreed with the motion, the company said.
 "Chapter 11 protection did exactly what it should," said Colt Chairman R.C. Whitaker. "It enabled the company to protect 900 jobs, improve manufacturing procedures, and get back on a solid operational footing. Now, we believe an objective, unbiased mediator may be the best means to bring all parties to the table and cut through the few remaining issues that will bring Colt's back to full operating status."
 Colt is requesting that the mediator have 45 days to furnish a report to the court.
 Colt's is a major manufacturer and supplier of hunting and sporting guns, and weapons for the military. It was founded in 1836 by Samuel Colt, inventor of the first successful repeating pistol, the Colt .45- caliber six-shooter often referred to as "the gun that won the West."
 -0- 2/8/93
 /CONTACT: R.C. Whitaker, chairman of Colt, 203-236-6311, ext. 1500/


CO: Colt's Manufacturing Company, Inc. ST: Connecticut IN: SU:

SM-CK -- NY052 -- 4047 02/08/93 11:12 EST
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Date:Feb 8, 1993
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