The company’s financial stability fractured when the Defense Logistics Agency (DLA) Weapons Support organization abruptly shortened a long-term contract from 10 years to four. According to CEO Tom Noble, this policy shift forced the business to carry significant inventory costs it was no longer positioned to support. While the firm seeks a path toward solvency, it currently lacks a restructuring support agreement or a confirmed buyer for its operations.

To maintain continuity, Noble has filed 'First Day' motions in the U.S. Bankruptcy Court for the District of Delaware, aiming to secure authorization to pay employee wages and maintain supply chain obligations. Operations will be sustained through cash collateral provided by existing secured lenders as the company navigates the court-supervised process. Kirkland & Ellis LLP and Portage Point Partners, LLC are guiding the firm through these proceedings, with Robert Albergotti stepping in as Chief Transformation Officer to oversee the transition.