Lensar secures court approval of second amended plan of reorganization

By Caroline Salls

Pittsburgh, April 26 – Lensar, Inc.’s second amended plan of reorganization was confirmed on April 26 by the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, 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 senior debt into 60% of the equity in reorganized Lensar.

Holders of junior PDL secured claims will receive 40% of the new equity.

Also under the plan, holders of general unsecured claims, including 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 for bankruptcy on Dec. 16 under Chapter 11 case number 16-12808.

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