The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of PFO Global, Inc. on March 15, 2017. The Court approved the asset purchase agreement between the debtor and to Hillair Capital Investments, LP, the stalking horse bidder, for the sale of substantially all its assets for a purchase price of $7.5 million and assumed liabilities. The deadline for submitting assumed contracts for interested parties is March 20, 2017. To qualify as a qualified bidder, interested parties should submit their bids by April 19, 2017. The qualified bid should be of at least $2.15 million and should be accompanied by a cash deposit of 5% of the bid and a form of asset purchase agreement. If the debtor receives any qualified bids then it would hold an auction on April 24, 2017. At the auction, the minimum qualifying overbid should be of at least $7.65 million i.e. $0.15 million more than the initial purchase price. The subsequent bids would be in increments of $0.01 million in cash. The stalking horse bidder would be entitled to a break-up fee of $0.04 million and expense reimbursement of up to $0.10 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for April 25, 2017.
PFO Global, Inc. manufactures and delivers complete eyewear, prescription lenses and related services to the managed care insurance industry. It distributes distortion free polycarbonate lenses under the Resolution brand name. The Companyâs products include SmartCalc and SmartEyewear. SmartCalc proprietary software used to manufacture fully digital lens designs. Certain Company lenses are produced following the SmartCalc software calculation. SmartEyewear Online Ordering System a business-to-business online ordering software system which allows eye care providers to quickly provide all necessary information for each patientâs eyewear package and unique use. It integrates the optical provider directly with lab system. The Company utilizes this system for all of its electronic ordering.
PFO GLOBAL, INC. 