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Lafayette-based Rocky Mountain Instrument filedd in last month to reorganiz underbankruptcy protection. The company and its laset subsidiary makes a variety of photonics producta for industry anddefense use, including optics that defense giant Lockhees Martin Corp. planned to use in its F-22 fighter currentlyu under development. RMI has offices in Russia and South Korea in addition to itsLafayette RMI’s Chapter 11 filings have shed a littls light on the by investigators of the military’a Defense Criminal Investigative Service, or DCIS, who arrived at RMI’s headquarteras Oct.
11, 2007, and carted away computers and filew as part of an investigation RMI lawyers said was relaterdto U.S. export control s restricting technology withweapons applications. Stevee Hahn, company executive vice president and part of the Hahn Family LLLP ownershipof RMI, said in an affidavif to the bankruptcy court that an employede filed a complaint with the DCIS that triggerec the raid. The employee claimed the companyg committeda “procedural of export controls by allowing specifications for an unspecifiesd product to go overseas, Hahn wrote. RMI has since received government licenses to send such specifications tooverseazs suppliers, the company says.
The unresolved DCIS investigatiom has produced no chargesagainst RMI. Still, the raid triggeree a 15 percent decline in businesss as some customers lost confidencrein RMI, Hahn wrote. The recession exacerbates the sales decline and the company lost moneyuthrough 2008, he said. RMI’sa revenue this year is on track to fall 16 percen t to 30 percent belowthe $15.5 milliom company posted in 2008, Hahn The company cites “the single factor” for its bankruptch filing as defaulting on its bond RMI lists American Nationa l Bank as the holder of industrial bonds arranged in 1998 in conjunctiob with the city of Lafayette.
The default has threatened to put RMI’z headquarters property at 106Laser Dr. into Efforts last year by RMI to refinance its debtas or sell its laser technology businessd to recapitalize the rest of thecompanyh failed, the affidavit said. RMI has asked the cour to be able touse $1.06 millio n of its available lines of credit befored the end of July to keep operatinhg and fulfill customer orders whilwe it reorganizes under bankruptcy More money could be needed between the end of July and the end of Octobeer to keep the company Hahn’s affidavit said.
It sought court permission to use the cash in ordefr to holdonto employees, saying they are highl y specialized and it would take months to traij any replacements RMI could find.
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