Lumenyte files Chapter 11

Lumenyte International of Irvine, CA, filed a voluntary petition in California, under Chapter 11 of the United States bankruptcy code, on January 5.

According to a statement released by the plastic fiber-optics maker, "The case was filed after Lumenyte's secured lender, Imperial Bank, declared a default, claiming that Lumenyte's tangible net worth did not increase at the rate called for under Imperial's loan documents. Imperial subsequently moved for the appointment of a state court r

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