UPDATE 1-Eye care company TLC Vision files for Chapter 11
*TLC Vision files Chapter 11 with prearranged plan
*Has deal to sell six Canadian refractive centers
*Says has $15 million in DIP financing
*Under plan, secured lenders will own reorganized co
By Emily Chasan
NEW YORK, Dec 21 (Reuters) - TLC Vision Corp TLC.TO TLCV.O, an eye care services company, sought bankruptcy protection on Monday, saying it had a pre-arranged reorganization plan and a deal to sell six of its centers in Canada.
The company, which operates TLC Laser Eye Centers, and two affiliates filed voluntary Chapter 11 bankruptcy petitions in U.S. bankruptcy court in Delaware.
TLC, also known as a sponsor of golfer Tiger Woods, said its secured lenders have agreed to a reorganization plan under which they will convert their debt to take 100 percent equity ownership of the company.
Under the proposed plan TLC expects to emerge from bankruptcy as a privately held company, it said.
In its court filings, TLC said it had an agreement for $15 million of debtor-in-possession financing, and that it also has a deal to sell its six refractive centers in Canada.
TLC said it would seek recognition of its bankruptcy filing in the Ontario Superior Court of Justice under the Canadian Companies' Creditors Arrangement Act. Its TLC Laser Eye Centers were not included in the filing.
The St. Louis-based company has hired Michael Gries, of turnaround firm Conway del Genio Gries & Co as its chief restructuring officer, according to court papers.
The Toronto Stock Exchange said the company's stock was suspended from trading, effective immediately, and that the shares will be delisted from the TSX at the close of the market on Jan. 21.
The case is In re: TLC Vision, U.S. Bankruptcy Court, District of Delaware, No. 09-14473. (Editing by Steve Orlofsky)
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