The US Bankruptcy Court gave an order to PFO Global, Inc. to obtain DIP financing on a final basis on March 2, 2017. As per the order, the debtor has been authorized to obtain a credit facility in the amount of $0.42 million from Hillair Capital Management LLC with Hillair Capital Management LLC acting as the administrative agent. The DIP facility would mature either on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. The proceeds of the DIP financing would be used towards advances, interest, fees and expenses and maintaining business operations. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of up to $0.09 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The DIP Agent shall be given the right to credit bid at any sale or auction in the bankruptcy case and shall be named as an additional insured and loss payee on each insurance policy maintained by the debtors which relates to the collateral under the DIP agreement.
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. 