Company News

UPDATE 1-TLCVision gets limited waiver on credit facility

* TLCVision gets limited waiver on credit facility

* Gets waiver till May 31

* Says amount outstanding $82.7 mln, as of Dec. 31

April 3 (Reuters) - TLCVision Corp TLC.TOTLCV.O, a provider of laser vision-correction services, said it secured a limited waiver on its outstanding credit facility till May 31.

The company said the agreement provides a limited waiver for defaults and sets certain benchmarks and milestones.

As of Dec. 31, 2008, the amount outstanding on the credit facility was $82.7 million, the company said.

Last month the company’s auditor raised doubts about its ability to continue as a going concern as it was not in compliance with its key financial covenants as of Dec 31. [ID:nBNG471527]

Shares of the company closed at 11 cents Friday on Nasdaq.

For the alerts double-click [ID:nWNAB0737] (Reporting by Anand Basu in Bangalore; Editing by Ratul Ray Chaudhuri)