'I am very happy that we managed to complete the restructuring, which we believe is in the interest of the sustainable success of Lightyear.”
According to a press release issued today by the startup, it has completed a restructuring plan that has pleased all parties concerned, allowing it to relaunch as a totally new firm called Lightyear Technologies. Following the original declaration of bankruptcy in January, Lightyear's parent company,The restart of Lightyear was made possible by current investors.
The startup's IP and a separate solar panel subsidiary will become part of Lightyear Technologies as part of the restructuring, resulting in a team of around 100 individuals – much less than the 600 on staff in the company's initial incarnation., CEO and co-founder, noted: "I am very happy that we managed to complete the restructuring, which we believe is in the interest of the sustainable success of Lightyear, taking into account the interests of its stakeholders.
Lightyear's operating firm was declared insolvent in January. Atlas Technologies Holding, Lightyear's parent firm, has now followed suit. This step was required to complete Lightyear's restructuring as a new firm. The IP and staff from the Holding's solar panel division will be incorporated into this new firm.
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