Hartford Business Journal

www.HartfordBusiness.com June 22, 2015 • Hartford Business Journal 7 WHAT'S AHEAD: ■ 6/29 Focus: Employee Benefits ■ The List: Highest-paid Executives ■ Nonprofit Profile: Charter Oak Health Center CALENDAR WEDNESDAY, JUNE 24 CONN-OSHA Recordkeeping Seminar Occupational Safety Training Specialist John Able of the Connecticut Department of Labor's Division of Occupational Safety and Heath, will review the requirements for OSHA injury and illness resources during a June 24 seminar sponsored by CONN-OSHA. Able will explain the OSHA 300, OSHA 300A and OSHA 3011 forms during the event, held from 8:15 to 9:45 a.m. at the agency's central office, 200 Folly Brook Blvd. in Wethersfield. Admission to the seminar is free, but pre-registration is required. For more information or to register, contact John Able at able.john@dol.gov or call him at 860.263.6902. F O R A C O M P L E T E L I S T O F G R E A T E R H A R T F O R D B U S I N E S S E V E N T S , G O T O W W W . H A R T F O R D B U S I N E S S . C O M A N D C L I C K O N ' C A L E N D A R . ' A L L C A L E N D A R I T E M S M U S T B E S U B M I T T E D E L E C T R O N I C A L L Y V I A O U R W E B S I T E , H A R T F O R D B U S I N E S S . C O M . MANUFACTURING Colt files for bankruptcy restructuring West Hartford gun manufacturer Colt Defense last week filed for Ch. 11 bankruptcy in Delaware, following a failed attempt to convince its investors to exchange their bonds for longer-term investments. The company said bankruptcy will allow it to restructure its bal- ance sheet and quickly sell its operations in the U.S. and Canada. It said there will be no impact on its employees, customers, vendors or suppliers, and business will continue as normal throughout the process, which is expected to take as long as three months. The current management team will remain in place. Majority shareholder Sciens Capital Management, which is act- ing as a stalking horse bidder, hopes to purchase the company's assets and assume its liabilities, Colt said. Colt will also accept competing bids, but as a stalking horse, Sciens gets to cast the first bid, thereby effectively setting a price floor for future bidders. If Sciens is successful in purchasing the compa- ny, Colt said it would secure a long-term extension of its West Hartford lease. UTC aims to separate from Sikorsky Hartford aerospace manufacturer United Tech- nologies Corp. said last week that its management intends to spin off or sell its Stratford helicopter unit, Sikorsky Aircraft. UTC announced in March that it would consider a sale or spi- noff of Sikorsky, which has slimmer profit margins than the com- pany's other subsidiaries. UTC also lowered its 2015 earnings guidance last week, to a range of $6.55 to $6.85, down from a previous range of $6.85 to $7.05, partly due to reduced Sikorsky expectations because of weakness in the oil and gas markets. UTC announced earlier this month that it would lay off 1,400 Sikorsky workers, including 180 in Connecticut, and close the subsidiary's Bridgeport facility. UTC's board of directors must still approve the separation, the company said. TWO classic bands. ONE spectacular evening. F R I D A Y 07. 24 . 2015 C O N N E C T I C U T CONVENTION CENTER tickets at ctconventions.com c o n v e n t i o n e v e n t s Presented by Sponsored by GAMING May slot revenues flatten May slot revenues at Mohegan Sun were flat while Foxwoods saw a 1.1 percent dip, the two casinos reported last week. Mohegan Sun's slot revenues totaled $51.7 million — the same as May 2014 — while Foxwoods reported revenues of $43.2 million, down approximately $500,000. Each casino saw less wagering at its machines. Combined, gamblers at the two casinos wagered $25.2 million less than they did a year ago. The state's coffers will receive $12.9 million for the month from Mohegan and $11.3 million from Foxwoods. Colt's West Hartford headquarters. P H O T O | H B J F I L E

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