Lensar Files for Chapter 11 Bankruptcy Protection

Lensar, an Orlando-based developer of surgical ultrafast laser systems for cataract treatment, has filed for Chapter 11 bankruptcy protection.

The company was acquired a year ago by social commerce business, Alphaeon, in a debt, cash and stock deal valued at around $59 million.

Coupled with a restructuring, the bankruptcy filing will allow Lensar to cut its debt levels. PDL Biopharma, its senior secured creditor, supports the decision.

With financial support from PDL, Lensar intends to continue to pay all employee obligations, including employee wages, provide health care and other benefits, and all current operating expenses without interruption.

With the Chapter 11 case expected to conclude in the second quarter of 2017, a Lensar representative said the company will continue working with its vendors, suppliers and partners as normal during and after the bankruptcy process.

Lensar is one of a handful of heavily financed companies targeting what is expected to become a huge market for ultrashort-pulsed laser procedures in cataract surgery as the global population ages.