TLCVision extends waiver of credit facility defaults until Oct. 13

By Sara Rosenberg

New York, Oct. 5 - TLCVision Corp. extended the waiver under its credit facility to Oct. 13, according to an 8-K filed with the Securities and Exchange Commission on Monday.

The waiver covers specified defaults and provides that the lenders will, until Oct. 14, forbear from exercising their rights arising out of the non-payment of certain principal, interest and other payments previously due.

In addition, the agreement provides for the company to negotiate in good faith and use its best efforts to agree by Oct. 26 to a term sheet on proposed additional financing acceptable to a majority of the bank lenders and a term sheet on a debt and/or equity restructuring acceptable to lenders.

The extension was obtained on Oct. 1.

TLCVision is a Mississauga, Ont.-based eye care services company.

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