BINGHAMTON, N.Y., Oct. 22 -- Semiconductor Laser International Corp. (SLI) has filed a voluntary petition for reorganization under Chapter 11 with the northern district of New York's bankruptcy court. SLI was unable to reach an accommodation with its major bank creditor, BSB Bank & Trust Co., and as a result of this and other factors was compelled to file for bankruptcy in order to sustain operations.
The US bankruptcy judge granted SLI's request on an interim basis to continue its normal manufacturing operations and pay vendor's claims arising after the date of the filing. This authorization will allow SLI to continue to employ its workforce while it seeks additional licensing revenue and capital funding.