Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > Luna Innovations Emerges from Chapter 11 Reorganization

Abstract:
Luna Exits Chapter 11 Less Than Six Months After Filing

Luna Innovations Emerges from Chapter 11 Reorganization

Roanoke, VA | Posted on January 13th, 2010

Luna Innovations Incorporated (NASDAQ: LUNA), a company focusing on sensing, instrumentation and nanotechnology, announced today that it has emerged from Chapter 11 reorganization, less than six months after filing.

The Honorable William F. Stone, Jr. of the U.S. Bankruptcy Court for the Western District of Virginia, Roanoke Division, confirmed the company's Joint Plan of Reorganization on Jan. 12, 2010. Luna's reorganization plan provides that Luna's creditors will receive a 100 percent recovery on their valid claims and that Luna's current shareholders will retain their shares.

Luna voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code on July 17, 2009, in response to a potential negative outcome in its litigation with Hansen Medical, Inc. The two companies reached a settlement in December 2009, resolving the outstanding litigation between them. The settlement resulted in a development and supply agreement between Luna and Hansen, 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," stated Kent Murphy, Chief Executive Officer. "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."

More information about Luna's Chapter 11 reorganization and subsequent emergence can be found on its Reorganization News Web page at www.lunainnovations.com/news/reorganization.htm.

Forward-Looking Statements:

This release may include information that constitutes "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Statements that describe the Company's business strategy, goals, prospects, opportunities, outlook, plans or intentions are also forward-looking statements. Actual results may differ materially from the expectations expressed in such forward-looking statements as a result of various factors, including risks and uncertainties set forth in the company's periodic reports and other filings with the Securities and Exchange Commission. Such filings are available at the SEC's website at http://www.sec.gov, and at the company's website at http://www.lunainnovations.com. The statements made in this release are based on information available to the company as of the date of this release and Luna Innovations undertakes no obligation to update any of the forward-looking statements after the date of this release.

####

About Luna Innovations
Luna Innovations Incorporated is focused on sensing and instrumentation, and pharmaceutical nanomedicines. Luna develops and manufactures new-generation products for the healthcare, telecommunications, energy and defense markets. The company's products are used to measure, monitor, protect and improve critical processes in the markets we serve. Through its disciplined commercialization business model, Luna has become a recognized leader in transitioning science to solutions. Luna is headquartered in Roanoke, Virginia.

For more information, please click here

Contacts:
Investor Contact:
Dale Messick, 1-540-769-8400

Copyright © Luna Innovations

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

‘Oxford Instruments Young Nanoscientist India Award 2015’ to Prof. Arindam Ghosh April 20th, 2015

Nondestructive 3-D Imaging of Biological Cells with Sound April 20th, 2015

Advances in molecular electronics: Lights on -- molecule on: Researchers from Dresden and Konstanz succeed in light-controlled molecule switching April 20th, 2015

Yale-NUS, NUS and UT Austin researchers establish theoretical framework for graphene physics: Making strides towards using graphene to create new electronic devices April 20th, 2015

Investments/IPO's/Splits

Long Island Capital Alliance Announces Participants for Brookhaven National Laboratory Technology Transfer Capital Forum on May 8: Keynote Speaker Dr. Doon Gibbs, Director of Brookhaven National Laboratory April 16th, 2015

Graphenea embarks on a new era April 16th, 2015

Harris & Harris Group Portfolio Company OpGen Files Amended Registration Statement for Proposed Public Offering April 8th, 2015

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Announcements

Happily ever after: Scientists arrange protein-nanoparticle marriage: New biotech method could lead to development of HIV vaccine, targeted cancer treatment April 20th, 2015

Nondestructive 3-D Imaging of Biological Cells with Sound April 20th, 2015

Advances in molecular electronics: Lights on -- molecule on: Researchers from Dresden and Konstanz succeed in light-controlled molecule switching April 20th, 2015

Yale-NUS, NUS and UT Austin researchers establish theoretical framework for graphene physics: Making strides towards using graphene to create new electronic devices April 20th, 2015

Financial Reports

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Aspen Aerogels, Inc. Schedules Fourth Quarter and Fiscal 2014 Earnings Release and Conference Call for February 26, 2015 February 11th, 2015

Arrowhead to Report Fiscal 2015 First Quarter Financial Results February 2nd, 2015

Graphenea sales more than double in 2014 January 29th, 2015

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project