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Lafayette-based Rocky Mountain Instrument filed in last monty to reorganize underbankruptcy protection. The companu and its laser subsidiary makes a variety of photonics products for industry anddefense use, including optics that defense giant Lockheed Martin Corp. planned to use in its F-22 fightere currently under development. RMI has offices in Russi and South Korea in addition to itsLafayettre site. RMI’s Chapter 11 filings have shed a little lighr on the by investigators ofthe military’s Defense Criminal Investigativ Service, or DCIS, who arrivedx at RMI’s headquarters Oct.
11, 2007, and carted away computerse and files as part of an investigatioj RMI lawyers said was relatedto U.S. expor controls restricting technology with weapons Steve Hahn, company executive vice presidentr and part of the Hahn Family LLLP ownershi p of RMI, said in an affidavif to the bankruptcy courtg that an employee filed a complaintr with the DCIS that triggered the raid. The employeer claimed the company committeea “procedural violation” of export controlds by allowing specifications for an unspecified product to go Hahn wrote. RMI has since received governmentf licenses to send such specifications to overseas thecompany says.
The unresolvefd DCIS investigation has produced no chargesagainst RMI. Still, the raid triggeresd a 15 percent decline in business as some customerds lost confidencein RMI, Hahn wrote. The recession exacerbaterd the sales decline and the company lost money through he said. RMI’s revenue this year is on track to fall 16 perceny to 30 percent belowthe $15.r5 million company posted in 2008, Hahn wrote. The compang cites “the single factor” for its bankruptcy filing as defaulting on its bond RMI lists American National Bank as the holdetr of industrial bonds arranged in 1998 in conjunctiohn with the cityof Lafayette.
The default has threatenedd toput RMI’s headquarters property at 106 Laserd Dr. into foreclosure. Efforts last year by RMI to refinancs its debts or sell its lase r technology business to recapitalize the rest of the company theaffidavit said. RMI has asked the courtr to be able touse $1.06 milliohn of its available lines of creditr before the end of July to keep operatingh and fulfill customer orders while it reorganizes under bankruptcy More money could be needef between the end of July and the end of Octobef to keep the company Hahn’s affidavit said.
It sought court permissio n to use the cash in order to hold onto saying they are highly specializex and it would take months to train any replacementas RMIcould find.
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