Connect with us

Headlines

Eyewear Company Files Chapter 11 Bankruptcy

mm

Published

on

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.

Advertisement

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.

The case, filed Jan. 31, is before Judge Harlin DeWayne Hale.

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.

Advertisement

Read the SEC filing

SPONSORED VIDEO

Shamir Glacier Plus Metaform: Stronger. Thinner. Lighter.

It’s time for a new compromise-free lens technology that completely changes our concept of what's possible. Glacier Plus™ Metaform enables customers to enjoy strength and safety alongside the aesthetics of thin and light lenses. Now Available: The next technical revolution in the world of optics.

Promoted Headlines

Advertisement

Advertisement

Subscribe

INVISIONMAG.COM
BULLETINS

Get the most important news and business ideas for eyecare professionals every weekday from INVISION.

Advertisement

Most Popular