Gun maker Colt Defense LLC’s emergence from bankruptcy has been thrown into turmoil by a default on a $15 million funding commitment by private-equity owner Sciens Capital Management.

After Sciens missed a December deadline to come up with the money bondholders scrambled to find more cash to cover most of the shortfall and ensure the deals designed to usher Colt out of bankruptcy stay in place. The Connecticut firearms manufacturer said in court papers that it is on track to emerge from chapter 11, but the role of its long-time owner remains to be seen.

A Colt spokesman and a lawyer for the official committee of unsecured creditors declined to comment on the funding miss, which surfaced after Colt’s chapter 11 emergence plan was confirmed in mid-December.

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