Lensar granted interim court approval of $4.37 million DIP facility

By Caroline Salls

Pittsburgh, Jan. 10 – Lensar, Inc. received court approval to access $4.37 million in debtor-in-possession financing on an interim basis, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Jan. 30.

PDL Biopharma, Inc. is the lender and DIP financing agent.

The facility includes $2.8 million in new money and $1.57 million in previously funded interim advances.

Interest will accrue at a rate of 15½%, payable in kind.

According to the motion, the milestones related to the maturity date are still being negotiated.

Lensar is an Orlando, Fla.-based next-generation cataract surgery laser technology company. The company filed bankruptcy on Dec. 16 under Chapter 11 case number 16-12808.

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