Legal & Courts  June 7, 2024

Broomfield’s Insight seeks Chapter 11 protection

BROOMFIELD — Two related Broomfield-based companies, Insight Photonic Solutions Inc. and Insight LiDAR Inc., filed for Chapter 11 bankruptcy protection on Thursday and asked the U.S. Bankruptcy Court for the District of Colorado to handle their cases together.

Both companies list an address of 100 Technology Drive, Suite 310, in Broomfield in the bankruptcy filing, although Insight’s website lists an address of 650 Crescent Drive, Suite 201, in Lafayette.

A case filed under Chapter 11 of the U.S. Bankruptcy Code is frequently referred to as a “reorganization” bankruptcy, in which the debtor usually continues to operate as a business, remains in possession of its property and assets, has the powers and duties of a trustee, and may, with court approval, borrow new money.

Founded in 2007, Insight Photonic Solutions supplies all-semiconductor high-speed swept lasers that are used in the medical imaging method called optical coherence tomography. Insight LiDAR is developing sensors for self-driving vehicles using frequency-modulated continuous-wave LiDAR (Light Detection and Ranging) that can also measure the speed of an object.

In its bankruptcy filing, Insight Photonic Solutions claims assets of between $1,000,001 and $10 million and says it owes a total of between $10,000,001 and $50 million to between 100 and 199 creditors.

Meanwhile, Insight LiDAR claims assets of between $1,000,001 and $10 million and says it owes a total of between $1,000,001 and $10 million to between one and 49 creditors.

Neither Insight CEO Michael Minneman nor the companies’ attorney, J. Brian Fletcher of the Denver law firm Onsager Fletcher Johnson Palmer LLC could not be reached for comment about the company’s plans.

The cases are Insight Photonics Inc., case number 24-13141-MER, and Insight Lidar Inc., case number 24-13142-TBM, both in U.S. Bankruptcy Court in Denver.

Two related Broomfield-based companies, Insight Photonic Solutions Inc. and Insight LiDAR Inc., filed for Chapter 11 bankruptcy protection on Thursday.

Dallas Heltzell
With BizWest since 2012 and in Colorado since 1979, Dallas worked at the Longmont Times-Call, Colorado Springs Gazette, Denver Post and Public News Service. A Missouri native and Mizzou School of Journalism grad, Dallas started as a sports writer and outdoor columnist at the St. Charles (Mo.) Banner-News, then went to the St. Louis Post-Dispatch before fleeing the heat and humidity for the Rockies. He especially loves covering our mountain communities.
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