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The gunmaker Colt's Manufacturing Co., rescued two years ago with the help of state pension funds, filed for federal bankruptcy court protection Thursday.

The company said in a statement it filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code after failing to make sufficient progress in restructuring its finances.The filing came a day after Anthony D. Autorino disclosed he had resigned as chairman and chief executive officer earlier this month.

Two years ago, Autorino helped bring together a coalition that included the state pension fund, striking workers, outside investors and Colt managers to buy the company from New York-based Colt Industries.

The buyout ended one of the longest and most bitter strikes in state history and made workers part owners of the newly independent company. Hartford-based Colt's has about 925 employees, about 680 of them represented by the union.

Gov. Lowell P. Weicker Jr. said Thursday the Connecticut development authority had voted to make a $2 million loan guarantee to Colt's to keep the company operating during reorganization.

The $2 million loan guarantee is part of a $10 million package of state and private funding, he said.