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Story summary
- Luminar filed for Chapter 11 bankruptcy protection and plans a court-supervised sale of lidar business while continuing operations.
- Luminar's assets are between $100 million and $500 million, while liabilities range from $500 million to $1 billion.
- Paul Ricci, Luminar's chief executive officer, says a court-supervised sale is the best path forward amid turmoil, including layoffs and a dispute with Volvo, Luminar's largest customer, with a valuation of over $3 billion in 2020.
