Laser surgery device maker Lensar Inc. secured a rare uncontested confirmation of its Delaware Chapter 11 bankruptcy reorganization Wednesday, under a plan that assigned a controlling equity share to a lender owed about $59 million.

Bankruptcy Judge Mary F. Walrath approved the company’s second amended plan with few comments, after Lensar's attorney Matthew G. Summers of Ballard Spahr LLP reported that tax issues raised by the Internal Revenue Service and the city of Dallas had been resolved.

“The balance sheet restructuring is badly needed to preserve the debtor’s business,” Summers said during a summary of the plan, which substituted a debt-to-equity swap for an earlier version’s proposal for a $34.3 million cash payment to chief lender PDL BioPharma Inc.

Lensar, which produces systems used in cataract surgery, reported that it had been gaining strength in the years before it sought Chapter 11 protection in December 2016, but was unable to keep up with debt service requirements under Lensar's loans from PDL, a company that manages patent and royalty assets. PDL's Lensar investment, which dates to 2013, had been in forbearance before the bankruptcy action.

“We’ve substantially reduced the amount of debt the company will have, and financial projections show that revenues will be sufficient,” Summers said.

Lensar is represented by Matthew G. Summers, Vincent J. Marriott III and Paul E. Harner of Ballard Spahr LLP.

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