Volvo, Tesla Supplier Luminar Gears Up for Debt Restructuring
Luminar LiDAR based Proactive Safety pre-collision braking crash avoidance technology on a test vehicle in Las Vegas.
Photographer: Patrick T. Fallon/AFP/Getty ImagesCar sensor supplier Luminar Technologies appointed an executive to lead a debt workout after missing several interest payments, in the latest sign of trouble in the auto supplier industry.
Luminar, which is battling for damages with its main client Volvo and also supplies Tesla Inc., said it missed interest payments on its first-lien notes maturing in 2028, according to a Wednesday filing. It appointed Robin Chu, a managing director of Portage Point Partners, as chief restructuring officer.