Car sensor supplier Luminar Technologies appointed an executive to lead a debt workout after missing several interest payments, in the latest sign of trouble in the auto supplier industry.
Luminar, which is battling for damages with its main client Volvo and also supplies Tesla Inc., said it missed interest payments on its first-lien notes maturing in 2028, according to a Wednesday filing. It appointed Robin Chu, a managing director of Portage Point Partners, as chief restructuring officer.
Previously, it had skipped interests due in October from some second-lien notes. The first-lien bonds are trading at 63 cents on ...
