Lensar, the Orlando-based developer of surgical ultrafast laser systems for cataract treatment, has filed for chapter 11 protection, Optics.org reported. The company was acquired almost exactly a year ago by “social commerce” business Alphaeon, in a debt, cash and stock deal valued at around $59 million. Lensar says that, coupled with a restructuring, the bankruptcy filing will allow it to cut its debt levels — and notes that PDL Biopharma, its senior secured creditor, supports the decision. PDL Biopharma agreed a loan deal worth up to $60 million with Lensar back in 2013, part of a wider investment at the time that included $27 million in new venture capital. However, the terms of the PDL loan had appeared punitive, with 15.5 percent in annual interest charged on the initial $40 million tranche of the loan to Lensar. The additional $20 million tranche was never loaned, and when Alphaeon acquired Lensar last year, the terms of the credit agreement were amended to give PDL a “first lien” security interest in Lensar’s equity and assets.
