Roanoke-based Luna Innovations, a company whose great promise seemed to be shut down less than a year ago, has emerged from Chapter 11 reorganization. The emergence was confirmed by Judge William F. Stone Jr. of the U.S. Bankruptcy Court for the Western District of Virginia, Roanoke Division. Luna's creditors will receive a 100 percent of their claims and Luna's current shareholders will retain their shares.
Luna filed Chapter 11 bankruptcy July 11, in response the loss of a lawsuit to California-based Hansen Medical Inc. The companies settled in December with a development and supply agreement between and a license of Luna's fiber optic shape sensing technology to Hansen in the fields of medical robotics and certain medical non-robotics.
"Thank you to our customers, shareholders, partners and vendors for standing by us during this trying time," said Luna CEO Kent Murphy. "A special thanks goes to our employees for continuing to stay focused and providing our customers with excellent service and products during this difficult time.
“From the outset, our intent during this restructuring has been to continue to serve our customers, keep the pace of our key development initiatives, maintain employment at our four facilities in Virginia, settle with Hansen, provide our creditors with a full recovery on their valid claims, and allow current shareholders to retain their shares.
“Today, we can say we succeeded in those goals and did so in a relatively short time frame. Emerging from Chapter 11 will allow Luna to move forward on developing technologies that will provide tremendous value for our partners and customers. In addition, we appreciate Intuitive Surgical for its support and agreement, which was required to reach settlement, and Hansen for working hard to reach agreeable terms."
(From press release.)
No comments:
Post a Comment