The United States Bankruptcy Court for the Northern District of Texas, Fort Worth division, has granted final approval for a significant amount of debtor-in-possession (DIP) financing for WATCHTOWER Firearms. This financial support is empowers WATCHTOWER Firearms to maintain operational continuity, reinforce the company’s position as it moves forward in its growth trajectory and drive it towards a near-term exit from Chapter 11.
The approved DIP financing will be used to maintain essential business operations, including the purchase of materials and parts necessary for manufacturing WATCHTOWER firearms, along with providing sales and service to customers. WATCHTOWER Firearms is exploring strategic options to enhance and maximize value for all its stakeholders.
“WATCHTOWER Firearms is an excellent company with great people known for its high-quality products and well-earned reputation for excellence,” Jason Colosky, founder and CEO of WATCHTOWER, said. “To navigate the current challenges facing the company, we determined that decisive action is necessary to re-position and grow the company. We are confident that these steps will position the business for long-term success. We want to thank our customers, vendors, lenders and stakeholders for their unwavering support, which reflects their confidence in our business and our team. This support will enable us to navigate swiftly through the court-supervised process. We remain committed to maintaining the highest standards of operational excellence across all our products. We are continuing our operations without compromise to our high standards and customer service. The company remains dedicated to working collaboratively with its stakeholders – employees, customers and creditors – to achieve a successful and effective restructuring outcome.”
