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Lensar files bankruptcy, secures support from lender PDL BioPharma
By Caroline Salls
Pittsburgh, Dec. 19 – Lensar, Inc. filed Chapter 11 bankruptcy Friday in the U.S. Bankruptcy Court for the District of Delaware with support from senior secured lender PDL BioPharma, Inc.
According to a company news release, Lensar filed bankruptcy to reduce its debt, strengthen its balance sheet and strengthen its platform for future growth.
The company said PDL BioPharma acquired the assets of Lensar, LLC.
Lensar said it will file a plan with support from PDL that will reduce Lensar’s debt, convert a portion of PDL’s outstanding debt into equity and facilitate the lender’s financial support of the company through the Chapter 11 process.
Also under the plan, all pre-bankruptcy trade vendors will be paid in full.
With the financial support from PDL, Lensar said it will continue its operations during throughout its bankruptcy proceedings and will continue to pay all employee obligations and operating expenses in the ordinary course of business on normal terms.
“Given the growing aging population globally, with more than 22 million cataracts treated annually, I am very optimistic about the future of refractive cataract surgery and the opportunity to work with PDL,” Lensar chief executive officer Nicholas Curtis said in the release.
Lensar said it expects to conclude its Chapter 11 case in the second quarter of 2017.
After that, PDL is expected to provide support to the de-leveraged reorganized company
According to court document, Lensar has $50 million to $100 million in both assets and debt.
The company did not list any unsecured creditors with claims of $1 million or more.
The company is represented by Ballard Spahr LLP.
Lensar is an Orlando, Fla.-based next-generation cataract surgery laser technology company. The Chapter 11 case number is 16-12808.
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