Bloomberg reported that Gunmaker Colt Defense filed a plan of reorganization with a promise of $50 million in new financing, signaling it could be nearing an exit from bankruptcy protection.

Bloomberg said Colt will receive the additional money from its private-equity owner Sciens Capital Management and Fidelity National Financial, Newport Global Advisors and certain lenders to help execute its business plan.

Bloomberg noted, according to U.S. Bankruptcy Court documents, that Colt expects to emerge from Chapter 11 before year-end.