TLC Vision granted court approval of amended plan sponsor agreement

By Caroline Salls

Pittsburgh, Feb. 19 - TLC Vision (USA) Corp. has received court approval of an amended plan sponsor agreement backed by affiliates of Charlesbank Capital Partners and H.I.G. Capital, LLC in connection with a plan of reorganization under which all outstanding amounts owed to TLC's senior unsecured lenders would be paid in full, according to a company news release.

In connection with the amended plan, the company said the court also approved a $25 million debtor-in-possession financing facility to be provided by Charlesbank and H.I.G. that will be used to repay TLC's current DIP financing.

As previously reported, the plan calls for the acquisition by Charlesbank of substantially all the assets of TLC Vision, up to $9 million in cash consideration and an up to $3 million new promissory note to be paid to the company's unsecured creditors.

TLC said its official committee of unsecured creditors has agreed to support the Charlesbank and H.I.G.-sponsored plan.

TLC Vision, a Mississauga, Ont.-based eye care services company, filed for bankruptcy on Dec. 21 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 09-14473.

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