Ropes & Gray served as counsel to an ad hoc group of first lien noteholders and second lien convertible noteholders in the chapter 11 cases of Luminar Technologies, Inc. and certain of its subsidiaries. During the chapter 11 cases, the debtors consummated two sales—a $110 million sale of the equity in Luminar Semiconductor Inc. and a $33 million sale of their LiDAR assets.
On behalf of the noteholders, the Ropes & Gray team negotiated and secured a value-maximizing global settlement with Luminar and the Official Committee of Unsecured Creditors, the terms of which were incorporated into Luminar's chapter 11 plan of liquidation. The plan, which became effective on April 6 following approval by the United States Bankruptcy Court for the Southern District of Texas, established a liquidation trust to oversee the liquidation of the debtors' remaining assets and distribute the proceeds to creditors.
The Ropes & Gray team included finance partner Sam Badawi, M&A partners Michael Roh and Jessica Cooney, litigation & enforcement partners Emerson Siegle and Matt McGinnis, tax partner Adam Greenwood, and employment partner Richard Kidd.
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