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O.C. BUSINESS PLUS | HEARD ON THE BEAT / SMALL BUSINESS

Brighter Future at Lumenyte

May 16, 2000|MARC BALLON | Marc Ballon covers small business and entrepreneurial issues for The Times. He can be reached at (714) 966-7439 and at marc.ballon@latimes.com

Lumenyte International Corp., which has its futuristic fiber-optic lighting cable in museums and high rises, can see the light at the end of the tunnel.

The Irvine lighting company, which filed for bankruptcy reorganization in January, said it has repaid its main creditor, Imperial Bank, $1.3 million.

Lumenyte filed a Chapter 11 bankruptcy reorganization petition in January after Imperial called its loan due, demanded immediate repayment and wanted to appoint a receiver over Lumenyte. As part of its reorganization, Lumenyte said all secured and unsecured investors will be paid in full. The business expects to emerge from bankruptcy by Aug. 4.

Lumenyte's bankruptcy filing listed $8.4 million in assets and $2.8 million in liabilities, including about $1 million to 250 unsecured creditors. Unsecured creditors will be paid over a two-year period.

The privately held company, which has 65 employees, lost $835,000 last year on sales of $7.5 million.

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