Creditors Line Up Behind the Plan
According to the company, the restructuring blueprint has the backing of 91.3% of first-lien noteholders and 85.9% of second-lien noteholders. That ad hoc lender group has agreed to allow Luminar to tap approximately $25 million in existing cash to bankroll the Chapter 11 process, a show of confidence that could smooth the road through bankruptcy.
What Happens Next
The case has been assigned to U.S. Bankruptcy Judge Christopher M. Lopez in Texas federal court.
Luminar is represented by Stephanie N. Morrison and Ronit J. Berkovich of Weil Gotshal & Manges LLP.
With Luminar Hits Chapter 11, the once high-flying lidar innovator now faces a defining moment — a race against time to turn cutting-edge technology into cash before the road runs out.
