Key Developments For TLC Vision Corporation
TLC Vision Corporation (TLCV.O) (Nasdaq)
TLC Vision Corporation Secures Extension Of Credit Facility Limited Waiver To November 15, 2009
TLC Vision Corporation announced that it has secured from its lenders holding majority amount of secured credit facility, an extension to November 15, 2009 of limited waiver with respect to credit facility that expired on October 13, 2009, and of the forbearance with respect to certain payment obligations under the facility. The credit agreement, dated June 21, 2007, as amended, provides for a $85 million term loan and a $25 million revolving credit line. As of September 30, 2009, the principal amount outstanding under the credit facility was approximately $100.1 million. The amendment to the limited waiver, dated as of October 13, 2009, provides extension of limited waiver through November 15, 2009 of specified defaults and provides that lenders will, until November 15, 2009, forbear from exercising their rights arising out of non-payment of certain principal, interest and other payments previously due. Limited waiver provides that waiver period will terminate prior to November 15, 2009, if, among other things, restructuring monitor satisfactory to steering committee for lenders and the Company ceases to be retained by the Company to assist with implementation of restructuring of certain obligations and other liabilities of the Company and certain of its subsidiaries and certain related transactions, or steering committee for lenders reasonably determines that the Company is not making satisfactory progress with respect to implementation and pursuit of such restructuring.
FDA Warns TLC Vision Corp And LCA Vision Inc LASIK Clinics Over Side Effect Reporting-Reuters
Reuters reported that United States Food and Drug Administration (FDA) inspectors found problems with side-effect reporting systems at 17 LASIK vision correction centers. Warning letters were sent to the clinics, including some TLC Vision Corp and LCA Vision Inc centers. Clinics are required to report side effects to equipment manufacturers and the FDA. LASIK, short for Laser-Assisted In Situ Keratomileusis, aims to improve vision by cutting a flap in the eye and then using a laser to reshape the cornea. Patients tend to seek out the surgery to avoid glasses or contact lenses, but side effects can include blurred and double-vision.
TLC Vision Corporation Secures Extension Of Credit Facility Limited Waiver To October 13, 2009
TLC Vision Corporation announced that it has secured from its lenders holding a majority amount of its secured credit facility, an extension to October 13, 2009 of the previously announced limited waiver with respect to its credit facility that expired on September 30, 2009, along with a forbearance with respect to certain payment obligations under the facility. The credit agreement, dated June 21, 2007, as amended, provides for a USD85 million term loan and a USD25 million revolving credit line. As of September 30, 2009, the principal amount outstanding under the credit facility was approximately USD100.1 million.
TLC Vision Corporation Secures Extension of Credit Facility Limited Waiver
TLC Vision Corporation announced that it has secured from its lenders holding a majority amount of its secured credit facility, an extension to September 30, 2009, of the previously announced limited waiver and forbearance with respect to its credit facility that was set to expire on September 9, 2009. The credit agreement, dated June 21, 2007, as amended, provides for a USD85 million term loan and a USD25 million revolving credit line. As of August 31, 2009, the principal amount outstanding under the credit facility was USD100.1 million. The extension and forbearance agreement is contained in an amendment to the limited waiver no. 4 and amendment no. 5 to the credit agreement, dated as of September 8, 2009, which, among other things, provides a limited waiver through September 30, 2009, of specified defaults and provides that the lenders will, until October 1, 2009, forbear from exercising their rights arising out of the non-payment of certain principal, interest and other payments previously due. The agreement also provides for the Company to negotiate in good faith and use its efforts to agree by September 28, 2009, to a term sheet reflecting terms of proposed additional financing acceptable to lenders representing a majority of the outstanding debt under the credit agreement, and a term sheet reflecting terms of a debt and/or equity restructuring acceptable to those lenders required to approve such debt and/or equity restructuring under applicable law.
TLC Vision Corporation Secures Extension of Credit Facility Limited Waiver
TLC Vision Corporation announced that it has secured from its lenders an extension to June 30, 2009 of the previously announced limited waiver with respect to its credit facility. The Credit Agreement, dated June 21, 2007, amended as of February 28, 2008 and March 31, 2009, provides for an $85 million term loan and a $25 million revolving credit line. As of May 31, 2009, the amount outstanding under the credit facility was approximately $100.1 million. No additional amounts may be borrowed under the credit facility.
