Following persistent reliability problems, the reunited Colt lost its contract with the US military for M4 rifles in 2013. Parent company Colt Defense, LLC, filed for Chapter 11 bankruptcy protection on June 15, 2015, citing both assets and debts in the $100 million to $500 million range. According to analysts, Colt's problems were due to the loss of the contract and low demand for its civilian handguns. In January 2016, Colt announced that the bankruptcy court had approved its restructuring plan.