Lensar, an Orlando, Fla.-based medical device company, filed for Chapter 11 bankruptcy Friday.
Lensar makes lasers used in refractive cataract surgery. The company filed for bankruptcy to strengthen its balance sheet and reduce its debt.
The bankruptcy filing was made with support from Lensar's senior secured lender PDL BioPharma, headquartered in Incline Village, Nev.
During its Chapter 11 case, Lensar said its operations will continue as usual. The company intends to continue to pay employee wages and benefits.
Lensar CEO Nicholas Curtis has a positive outlook for the company's future. "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," he said.
Lensar expects its Chapter 11 case to close in the second quarter of 2017.
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