Automotive supplier Luminar Technologies has filed for voluntary Chapter 11 bankruptcy in the US Bankruptcy Court for the Southern District of Texas.
The move follows the company’s appointment of a restructuring specialist last month after it missed several interest payments.
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Luminar said it intends to continue operating through the Chapter 11 process, coordinating with suppliers and partners to sustain deliveries of its hardware and software.
The US-based company makes LiDAR sensors used in advanced driver assistance (ADAS) and autonomous driving systems.
In its filing, the company said it had failed to make interest payments on its first-lien notes due in 2028.
The company, which aims to pursue court-supervised sales of its LiDAR business and its semiconductor subsidiary, has the backing of about 91.3% of its first-lien noteholders and 85.9% of its second-lien noteholders.
Luminar CEO Paul Ricci said: “After a comprehensive review of our alternatives, the board determined that a court-supervised sale process is the best path forward.
“As we navigate this process, our top priority is to continue delivering the same quality, reliability and service our customers have come to expect from us.”
Concurrently, Luminar has agreed to sell the equity of Luminar Semiconductors (LSI) to Quantum Computing for $110m in cash, with the deal subject to higher bids through the Chapter 11 sale process.
LSI is not part of the bankruptcy filings and is expected to continue operating as normal.
Court approval of the transaction is targeted by the end of January 2026, subject to customary closing conditions.
The company said it plans to use roughly $25m of cash on hand to fund the Chapter 11 process and support operations during marketing and sales efforts.
