Lensar approved to solicit plan votes; confirmation hearing April 12

By Caroline Salls

Pittsburgh, Feb. 27 – Lensar, Inc. received court approval of the disclosure statement for its plan of reorganization, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The plan confirmation hearing is scheduled for April 12.

Lensar filed Chapter 11 bankruptcy with support from senior secured lender PDL BioPharma, Inc, which acquired Lensar’s assets.

The company said the plan will reduce its debt and convert a portion of PDL’s outstanding debt into 60% of the equity in reorganized Lensar.

Holders of junior secured claims will receive 40% of the new equity and $34.33 million in cash.

Also under the plan, all pre-bankruptcy trade vendors will be paid in full.

Holders of equity interests will receive no distribution.

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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