Luna Innovations leaves bankruptcy
- January 13, 2010
Luna Innovations Inc. emerged from Chapter 11 bankruptcy protection on Tuesday.
The nanotechnology company said that its creditors will receive all of their claims under the reorganization plan and that Luna shareholders will retain their shares.
Luna sought bankruptcy protection because a California jury last year ordered it to pay $36.3 million to Hansen Medical Inc. in a lawsuit alleging breach of contract and misappropriation of trade secrets.
The companies reached a settlement in December that requires Luna to pay Hansen a $5 million promissory note and allows Luna’s fiber optic shape sensing technology to be used in Hansen’s robotics.