Colt willing to end agreement with Osceola County
More bad news for the ailing gun maker Colt as the company nears the deadline for bankruptcy, it may have to give up on its Florida home.
The Board of Commissioners in Osceola County approved a deal on May 4 to terminate its contract to lease a county-owned building to the company. The proposal details Colt immediately turning the building over to the body so the county can pursue another endeavor. In this case, opening a manufacturing research training center for Valencia College.
In order to repurpose the property, the county would agree to pay $150,000 to Florida for the state’s contribution to improvements made to the property. In addition, approximately $180,000 worth of building improvements were made by Colt.
Following the notice, the company invoked dispute resolution procedures that gave the parties 60 days to resolve the claims. Colt representatives have been extremely cooperative during negotiations, officials said.
If commissioners reject the settlement proposal already approved by Colt’s Board of Directors, the next step would be further negotiation or mediation.
Ultimately, the County could terminate settlement discussions and file an eviction suit. Officials said Colt could potentially occupy the building for many years without creating the 63 jobs that were at the heart of the original agreement, if the suit were unsuccessful.
Both parties have been negotiating an end to the 2011 agreement since January when Osceola notified the company that it had failed to create a manufacturing and regional headquarters facility at the Shady Lane facility in the time specified by the contract.
But a possible eviction is not the only thing on Colt’s plate. Last month, Colt enacted a plan to restructure debt by offering investors the opportunity to exchange old bonds for new, less lucrative ones due to payout at a later date. In order for the exchange to work, Colt would need nearly all of its bondholders to participate, per terms of a financial agreement. The deadline for the exchange was Monday.
The post Colt willing to end agreement with Osceola County appeared first on Guns.com.
Source: http://www.guns.com/2015/05/11/colt-willing-to-end-agreement-with-osceola-county/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,707,916,049 |
| Stories: | 8,448,882 |
Whistler Blowers, Insiders
