Correction: QPC Lasers Fights On
QPC Lasers, the Sylmar, California, manufacturer of high-power laser diodes, is maintaining operations including wafer fabrication as it seeks a long-term solution to stabilize the company financially.
In late October and early November last year, QPC posted a number of filings with the US Securities and Exchange Commission (SEC), stating on October 13 that unless significant funding was secured “in the next few days", it anticipated filing for protection under Chapter 7 or Chapter 11 of the US federal bankruptcy laws.
Laurent Vaissié, director of marketing and sales at the firm, confirmed statements released by the company that its senior creditor, Finisar Corporation, had given notice of intent to proceed with foreclosure, but also that Finisar had given QPC forbearance [i.e. it refrained from enforcing the foreclosure] in an effort to work out the situation in another fashion.
compoundsemiconductor.net is happy to set the record straight: QPC has not filed for bankruptcy and it does remain in operation.
Given the fact that creditors continue to demand payment from QPC, the likelihood of some sort of bankruptcy filing remains, but QPC is working with creditors and investors towards a solution. Any such filing could be part of a transaction that allows the company to continue operations in a financially stable context under a new owner.
Vaissié added that with a workforce of around 20 employees, all of QPC s equipment is up and running, with products being built and shipped to customers. Last week, QPC was among the exhibitors at the Photonics West trade show in San Jose, and Vaissié said that the company looks forward to continuing to serve both its existing customer base and the industry as a whole.
And while QPC remains in a very challenging financial position - debenture holders have demanded payment in cash from the company - Vaissié stresses that QPC has been operating without interruptions since mid-October and is working with its various investors and creditors to stabilize the company s finances.
Compound Semiconductor apologizes for the error.