PFO Global, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on February 7, 2017. The debtor seeks the Court’s approval for the sale of substantially all its assets to Hillair Capital Investments, LP, the stalking horse bidder, for a purchase price of $7.5 million and assumed liabilities, pursuant to the asset purchase agreement. To qualify as a qualified bidder, interested parties should submit their bids by March 22, 2017. The initial minimum overbid should be in the amount of at least $7.76 million and should be accompanied by an earnest money deposit of 5% of the purchase price and an asset purchase agreement. The debtor has scheduled an auction on March 27, 2017. At the auction, 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 $0.15 million and expense reimbursement of $0.10 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for April 3, 2017 and the sale is expected to be closed by April 11, 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. 
