Lensar Inc. today filed for Chapter 11 bankruptcy protection, saying it needs to reduce its debt and strengthen its balance sheet and platform for future growth.
The Orlando, Fl.-based company was supported by its senior secured lender, PDL BioParhma Inc.
Lensar said it anticipates that the company will file a plan to reduce its debt and convert a portion of PDL’s outstanding debt into equity. In the meantime, Lensar will continue to pay all employee wages and provide benefits, as well as pay all current operating expenses.
“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,” CEO Nicholas Curtis said in prepared remarks. “We expect to continue changing the paradigm for how surgeons treat cataract patients and improving visual outcomes, seamlessly incorporating the preoperative diagnostics into the laser treatment to manage preexisting and surgically induced astigmatism affecting nearly all cataract patients.”
Lensar said it expects the Chapter 11 case will close in the 2nd quarter of 2017.
“The hard work and dedication of our employees has enabled us to create a leading femtosecond laser technology platform for refractive cataract surgery and we are truly grateful for their commitment and support,” Curtis added. “Together, we look forward to working cooperatively with our vendors, suppliers and partners as we move quickly through this process.”