http://fast-paydayloans-usa.com/cheap-pay-day/54-7-payday-loan-tips.htm
Lafayette-based Rocky Mountain Instrument filed in last montb to reorganize underbankruptcy protection. The company and its lase subsidiary makes a variety of photonics producta for industry anddefense use, including optics that defenswe giant Lockheed Martin Corp. planned to use in its F-22 fightert currently under development. RMI has offices in Russia and Sout h Korea in addition to itsLafayettew site. RMI’s Chapter 11 filings have shed a littlw light on the by investigators ofthe military’e Defense Criminal Investigative Service, or DCIS, who arrived at RMI’s headquartersz Oct.
11, 2007, and cartes away computers and files as part of an investigation RMI lawyers said was relatedfto U.S. export controls restricting technology withweapons applications. Steve Hahn, companuy executive vice president and part of the Hahn Family LLLP ownershilpof RMI, said in an affidavit to the bankruptcg court that an employee filed a complaint with the DCIS that triggered the The employee claimed the companyh committed a “procedural violation” of exporyt controls by allowing specifications for an unspecified product to go Hahn wrote.
RMI has sincer received government licenses to send such specificationsz tooverseas suppliers, the company The unresolved DCIS investigation has produced no chargea against RMI. Still, the raid triggered a 15 percent decline in business as some customers lost confidencedin RMI, Hahn The recession exacerbated the sales decline and the companyg lost money through 2008, he said. RMI’a revenue this year is on track to fall 16 percenf to 30 percent belowthe $15.55 million company posted in 2008, Hahn wrote. The companh cites “the single factor” for its bankruptcy filinvg as defaulting on itsbond payments.
RMI listw American National Bank as the holder of industrial bondes arranged in 1998 in conjunction with the city of The default has threatened toput RMI’ s headquarters property at 106 Laser Dr. into Efforts last year by RMI to refinances its debts or sell its laser technology businessd to recapitalize the rest of thecompany failed, the affidavit RMI has asked the cour t to be able to use $1.06 milliom of its available lines of creditt before the end of July to keep operatinv and fulfill customer orders while it reorganizes under bankruptcy More money could be needed between the end of July and the end of Octoberr to keep the company functioning, Hahn’as affidavit said.
It sought court permission to use the cash in ordert to holdonto employees, saying they are highl y specialized and it woulfd take months to train any replacementds RMI could find.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment