If you were my age, when growing up "Colt" and "good" were not two words used in the same sentence. You had to gunsmith it just to make it reliable enough to work.Bankruptcy? Colt just went through bankruptcy several years ago and laid off a lot of workers not long after that. Just like they have a number of times since 1842.
They are still cranking out good 1911s. So is Remington, albeit a lower price product.
I wouldn’t be skeered to buy another one, even the little RM380 which gets a lot of praise from actual owners.