Colt convinced a bankruptcy judge and its creditors that the company has a solid plan to turn the corner and become a player in the firearms market once more — but critics are skeptical.

Some say firearms companies that go public or buy up other brands wind up sacrificing quality and focus. But the numbers show when it’s done right, getting bigger can force companies to deliver better products to their customers and help brands survive tough times.

A day after it's initial deadline, Colt has extended given investors seven more days to accept a 70 percent cut in returns or a structured bankruptcy of the company.

One of the nation's most recognized firearms brands may go under today after it asked investors to take a 70 percent pay cut or accept a so-called "pre-packaged" bankruptcy.

Colt’s on-again-off-again affair with Kissimmee, Florida.