Like the Z-95 Headhunter, Cloakshape fighters have been around for many years. Made by Kuat Systems Engineering, Cloakshape fighters are now normally found in planetary defence fleets, or are used by bounty hunters and mercenaries. Indeed, one such ship, piloted by a bounty hunter, pursued Han in the Millenium Falcon Nar Shaddaa. Needless to say Han escaped, since automated laser cannons stationed in Shug Ninxs access tunnel destroyed the Cloakshape.
With the introduction of newer and more powerful fighters, such as the X-Wing, Cloakshape fighters are no longer used for frontline combat missions. Many have been bought by private companies to flesh out private fleets, and pirates who need assault starships make use of the fighters as they are fairly cheap. Indeed, it is not unusual to find a bounty hunter at the controls of one of the fighters.
Since their power plants are fairly weak, Cloakshape fighters were used mainly for atmospheric and short-range combat. They could not hold up to prolonged space fights, and when they were originally built they were usually used in conjunction with carrier ships. Even so, Cloakshape fighters are tough ships, trading speed for reinforced hulls. Unlike many fighters, the Cloakshape often brought back its pilot alive, but a bit battered.
If indeed one is found in service, it is unlikely that it meets the designers original specifications. When they were built, the designers made them so that the ships could be easily modified. Often heavier thrusters, more powerful weapons, and larger fuel supplies are added to the hull. And these days with fierce competition for bounties, shield generators are usually fitted. The Cloakshape that chased Han had been modified with fire-linked double lasers and a pair of concussion-missile launchers. Unfortunately the bounty hunter had had to strip out the shield generators to make room for the missile launchers, assuming that his weaponry and reinforced hull would bring him safely through any battle. He had not bargained on Shug Ninx however.
Apart from personal alterations, several modification kits designed specifically for the Cloakshape have appeared on the market. These include a hyper sled with a self-contained power generator, or a rear-mounted manoeuvring fin that improves the Cloakshapes handling dramatically.
Indeed, if one had the time, a Cloakshape could be modified enough so that it could compete with a Y-Wing, leaving the owner enough to buy a freighter for a bit of smuggling.