The firm said it's reorganizing.
PFO Global Inc., a company that makes prescription lenses, finished eyewear and vision technologies, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division.
The Irving, TX-based company said in a filing with the U.S. Securities and Exchange Commission that it will operate as “debtor-in-possession” under the jurisdiction of the court.
According to the filing: "The Company intends to preserve value and accommodate an eventual going-concern sale of PFO’s business operations. The Company believes that the Chapter 11 process will enable the Company’s business to continue operating in a different entity with a more suitable financial structure and to better service its customers."
On Feb. 7, PFO Global announced on its website "a reorganization of the company" but did not provide details.
In the SEC filing, PFO Global listed more than $23 million in debts for which the Chapter 11 filing constitutes an "event of default." Any efforts to collect on the obligations are automatically stayed as a result of the case, according to the company.
PGO Global is the U.S. distributor for Optima lenses. The company trades publicly under the symbol (OTCQB: PFGB).
In October, PFO Global announced that it had received an additional $385,000 investment from Hillair Capital Investments L.P.
In unaudited results for the three months ended Sept. 30, the company reported a net loss of nearly $1.19 million on sales of $789,530.
Read the SEC filing