Motion for Asset Sale Approved for PFO Global, Inc.
May 05, 2017 at 12:00 am EDT
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The US Bankruptcy Court gave an order approving the sale of substantially all the assets of PFO Global, Inc. on May 5, 2017. As per the order, debtor has been authorized to sell substantially all its assets to Hillair Capital Investments, LP, as per the modified agreement dated April 21, 2017. The purchase consideration include (a) credit bid equal to the entire amount of the Hillair Debt except Hillair’s post-petition legal fees and expenses, which shall be payable in full at closing from Hillair's cash collateral; (b) mutual releases; (c) Acknowledgement of the Hillair debt in full and (d) Acknowledgement and ratification of Hillair’s existing interest in the VSP Lawsuit. Hillair debt include $10.74 million plus post-petition advances under DIP agreement plus $0.04 million advance in settlement agrement. Transaction is expected to close by May 10, 2017. Adam H. Friedman and Jonathan T. Koevary of Olshan Frome Wolosky LLP acted as legal counsels for the buyer.
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. 
