Gunwerks, the Cody firearm manufacture specializing in long-range rifles, is being sued for $2.78 million by Wells Fargo for unpaid loans and interest.
The bank filed a motion in Wyoming District Court on Wednesday in Casper. The bank is seeking to take possession of the company's collateral for failure to pay a $2.4 million operating loan and interest.
In the motion Wells Fargo also states Gunwerks most recent financial statement provided to the bank in February shows company owes third parties in excess of $622,000.00 which is more than 60 days past due. Gunwerk's financial officer advised Wells Fargo that the Borrower stopped paying sales tax in the third quarter of 2018, and the amount due was approximately $365,000.
Forward Cody recently constructed a new manufacturing facility for Gunwerks with $6 million of state grants and funds.