Luna Innovations could emerge from bankruptcy by Jan. 12 or Jan. 13

By Caroline Salls

Pittsburgh, Dec. 18 - Luna Innovations Inc. said it could emerge from bankruptcy on Jan. 12 or Jan. 13, according to a company news release.

The U.S. Bankruptcy Court for the Western District of Virginia has scheduled the confirmation hearing for the company's plan of reorganization for Jan. 12.

Under the plan, Luna would pay 100% of its valid claims, and Luna stockholders will retain their shares.

The company said the plan also includes the settlement of Luna's dispute with Hansen Medical, Inc., which is subject to various conditions.

Luna said it has also asked the Nasdaq Listing Qualifications Panel to extend the company's deadline for compliance with listing requirements to Jan. 13 from Dec. 31.

The company said the extension would allow it to emerge from bankruptcy and demonstrate compliance with all applicable listing requirements.

Luna, a Roanoke, Va.-based company involved in research, development and commercialization of innovative technologies in molecular technology solutions and sensing solutions, filed for bankruptcy on July 17. Its Chapter 11 case number is 09-71811.

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