Tuesday, December 22, 2009
TLC Vision Files Chapter 11 Bankruptcy
TLC Vision Corp. and two of its subsidiaries, TLC Vision (USA) and TLC Management Services Inc., have filed for Chapter 11 bankruptcy. It is a pre-arranged reorganization, which means that their lenders have already agreed to the restructuring plan. This pre-arranged restructuring deal will most likely allow TLC Vision to move through bankruptcy much quicker.
The company, which specializes in eye care and refractive surgery, lists assets and debt between $100 million and $500 million. TLC has assured the general public that clinical patient care and obligations to employees will continue to be met during the bankruptcy process.
As part of the restructuring deal, TLC Vision has requested $15 million in debtor-in-possession financing, which will most likely be used to pay critical vendors and employee wages. Also, TLC Vision (USA) will become a private company, independent of the parent corporation. No other company affiliates or subsidiaries are involved in the bankruptcy filing.
TLC Vision Corp. is a Mississauga, Ontario company that operates 75 refractive vision centers throughout Canada and the United States. Their U.S. headquarters is based out of Chesterfield, Missouri.