Florida-based automotive tech company Luminar Technologies, Inc. has filed for Chapter 11 bankruptcy amid mounting debts. The 13-year-old company cited slower adoption of its automotive technology as a key factor in the decision. Through the case, the Florida company hopes to readjust its finances under the court’s guidance.
The company plans to work closely with partners and suppliers to minimize disruptions and maintain smooth delivery of its LiDAR hardware and software.
Luminar has already secured support from its first- and second-lien creditors to help maximize the value of its asset sales during the bankruptcy process. Plus, the tech-based company has met an agreement with Quantum Computing Inc. to sell one of its subsidiaries.
Luminar Technologies, Inc. Enters Chapter 11 Proceedings
Luminar Technologies, Inc. filed a voluntary petition in the U.S. Bankruptcy Court for the Southern District of Texas, latest filing details by Pacer says. The details further show that attorney Stephanie Nicole Morrison from Weil, Gotshal & Manges LLP made the filing on December 15.
In a press release, Luminar said it began Chapter 11 with backing from more than 90% of its first-lien noteholders. The Ad Hoc Group also has 85.9% of its second lien noteholders who are further backing Luminar Technologies, Inc., the press release adds.
Noteholders are supporting the company’s efforts to maximize the value of its LiDAR business and the equity of subsidiary Luminar Semiconductors.
Luminar Semiconductors is not part of Luminar Technologies’ Chapter 11 case and will continue normal operations. This is why its operations are expected to continue as normal during the proceedings.
Jefferies LLC is the investment banking advisor in the latest case. Portage Point Partners, LLC, is the restructuring advisor for Luminar Technologies, Inc.
About the Company
Since 2012, Luminar Technologies, Inc. has been enhancing the autonomy, safety, and security of vehicles across sectors like automotive, commercial, and defense.
From consumer vehicles like Mercedes-Benz and Volvo Cars to commercial trucks like Daimler Trucks, the global tech company has been meeting a range of requirements.
Sale of Assets Begins with Luminar Semiconductors, Inc.
Before Luminar Technologies, Inc. officially began its Chapter 11 case on December 15, it made an agreement with Quantum Computing Inc. (QCi). Under the deal, QCi will acquire Luminar Semiconductors’ equity for $110 million, subject to standard adjustments. As per the press release, this amount is subject to customary adjustments.
The transaction is subject to higher or better offers through a court-supervised sale process, which Luminar Technologies, Inc. seeks to perform under section 363 of the Bankruptcy Code.
The Ad Hoc Group has approved the automotive tech company’s use of approximately $25 million of its existing cash to complete these transactions and fund the bankruptcy costs. The cash would also help Luminar Technologies, Inc. to continue operating during the sale process.
Paul Ricci, Luminar’s CEO, explained the factors behind the bankruptcy filing. According to him, the automotive tech company had been taking ‘meaningful steps’ in the last six months to streamline the cost structure, enhance operations, and improve the company’s strategy.
However, debt obligations and slower industry adoption had disrupted the business operations of Luminar Technologies, Inc. After much analysis, the board had decided to proceed with a court-supervised sale process.
“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,” Ricci said.
Understanding the Court Proceedings
The filings require Luminar to submit periodic reports to the Securities and Exchange Commission under the Securities Exchange Act of 1934.
Schedule A of the petition lists all the affiliates of Luminar Technologies, Inc. that have made a bankruptcy filing in the court.
Currently, the number of unsecured creditors of the automotive tech company on a consolidated basis with its affiliated debtors is between 200 and 999. The filing notes that funds will be available for the unsecured creditors.
Here are details related to the bankruptcy of Luminar Technologies, Inc. and its affiliates given below in a consolidated way:
- Filing Date: December 15, 2025
- Court and Jurisdiction: U.S. Bankruptcy Court from the Southern District of Texas
- Type of Filing: Active, Voluntary Petition
- Chapter: 11
- Case Number: 25-90807
- Estimated Assets: $100,000,001-$500 million
- Estimated Liabilities: $500,000,001-$1 billion
- Reason for Filing: Increasing debts and slower industry adoption
According to the press release, the Florida-based tech company submitted many customary ‘First Day Motions’ on December 15. Once approved, the motions would allow Luminar Technologies, Inc. to continue paying wages and benefits of its employees, maintain customer commitments, and meet vendor and partner obligations.
The documents submitted by attorney Stephanie Nicole Morrison include a Certificate of Resolutions, a consolidated Corporate Ownership Statement, and a list of equity holders.
The Chapter 11 filing is a turning point for Luminar as it aims to sell assets while maintaining operations amid slower industry adoption.
