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Lensar files for Chapter 11 bankruptcy in restructuring plan

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In a strategic restructuring, Lensar Inc. has filed a Chapter 11 bankruptcy petition with support from PDL BioPharma Inc., the company announced in a press release.

PDL, Lensar’s senior secured lender, will assist the company in paying all of its employee obligations and current operating expenses, the release said. A plan to reduce Lensar’s debt and convert some of PDL’s debt into equity is expected to be filed.

Lensar’s operations are expected to continue through the reorganization process.

The Chapter 11 case is expected to end in the second quarter of 2017 when PDL will work to support the reorganized company.