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Lafayette-based Rocky Mountain Instrument filed in last month to reorganizs underbankruptcy protection. The company and its laser subsidiarg makes a variety of photonics products for industrt anddefense use, including optics that defens e giant Lockheed Martin Corp. plannes to use in its F-22 fighter currently under RMI has offices in Russia and South Korea in additionj to itsLafayette site. RMI’xs Chapter 11 filings have shed a littlwe light on the by investigators ofthe military’s Defenser Criminal Investigative Service, or DCIS, who arrived at RMI’s headquarters Oct. 11, and carted away computers and files as part of an investigatioj RMI lawyers said was relatedto U.S.
exporty controls restricting technology withweapona applications. Steve Hahn, company executiver vice president and part of the Hahn Family LLLP ownershipof RMI, said in an affidavitr to the bankruptcy court that an employee filedd a complaint with the DCIS that triggered the The employee claimed the company committed a “proceduralk violation” of export controls by allowingy specifications for an unspecified producgt to go overseas, Hahn wrote. RMI has sinc e received government licenses to send such specificationse tooverseas suppliers, the company The unresolved DCIS investigation has produced no charges againsg RMI.
Still, the raid triggered a 15 perceny decline in business as some customers lost confidencdein RMI, Hahn wrote. The recession exacerbated the sales declinw and the company lost moneythrough 2008, he RMI’s revenue this year is on trackk to fall 16 percent to 30 percen below the $15.5 million company posteed in 2008, Hahn wrote. The company cited “the single factor” for its bankruptcu filing as defaulting on itsbond payments. RMI listw American National Bank as the holderd of industrial bonds arranged in 1998 in conjunctio n with the cityof Lafayette. The defaulf has threatened to put RMI’ s headquarters property at 106Laser Dr. into foreclosure.
Efforte last year by RMI to refinance its debts or sell its laserr technology business to recapitalize the rest of the company theaffidavit said. RMI has asked the couryt to be able touse $1.06 million of its availablse lines of credit before the end of July to keep operatingv and fulfill customer orders while it reorganizees under bankruptcy protection. More money could be neededf between the end of July and the end of Octobet to keep thecompany Hahn’s affidavit said. It soughg court permission to use the cash in order to hold onto saying they are highly specialized and it would take months to traibn any replacements RMIcould find.
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