FARMER’S BRANCH, Texas—PFO Global (OTCQB: PFGB), based here, filed for bankruptcy yesterday under Chapter 11 in U.S. Bankruptcy Court in the Northern District of Texas in Dallas. The company, which operates several wholly owned subsidiaries including Pro Fit Optix, PFO Optima and PFO Technologies, markets eyeglass lenses sold under the Optima brand, lens design services and optical laboratory and manufacturing supply systems.

Under Chapter 11 of the federal bankruptcy code, PFO Global is petitioning the bankruptcy court to reorganize while being protected from creditors. The company has requested a hearing before a judge within the next few days in order to seek approval for its bankruptcy plan.

According to court documents, PFO Global has total assets of $1,751,751 and total debt of $30,964,356. The documents identify Hillair Capital Investments as PFO Global’s lone secured creditor, and PFO Fit Optix Holding Company, Pro Fit Optix, PFO Optima, PFO Technologies and PRO MCO as “related creditors.”

“We’ve had financial difficulties for the last couple of years,” Matt Cevasco, president and CEO of PFO Global, told VMail. “Working in partnership with our primary lender, Hillair Capital, we’ve filed Chapter 11, and the company will be put up for sale. We’ll be better positioned after this process.”