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How many times has Colt filed for bankruptcy? That's an important track record to consider. Also "milspec" means "lowest bidder to meet the minimum requirements."
Firstly, I'll just get this out of the way; I don't currently own a Colt AR and I'm no fanboy.
Secondly, bankruptcy is completely irrelevant to this discussion.
Thirdly, Mil-Spec is a standard. It contains that standards that must be met. Colt is one of the companies that follows this standard. My point is that if this is what the OP is looking for - the Colt 6920 is a great option. If he doesn't care he can buy whatever he wants.