Eye Care Leaders files Chapter 11 bankruptcy with over $500 million debt

By Sarah Lizee

Olympia, Wash., Jan. 18 – Eye Care Leaders Portfolio Holdings, LLC filed Chapter 11 bankruptcy on Tuesday in the U.S. Bankruptcy Court for the Northern District of Texas.

Sophie Turrell, the company’s chief executive officer, said in a statement that Eye Care Leaders has been working to restructure and strengthen itself over the past year.

“We have an essential, growing business, and this is a financial reconfiguring of historical debts to free us up for continued smooth operations,” Turrell said in the statement.

“The court process will help address specific creditor arrangements and should also pave the way toward further investment in our technical capabilities and growth.”

Turrell said the business will run as usual across the board during the process.

The company said that since a new leadership team joined in late 2022, the company has made strides in reducing costs and improving its products.

“This Chapter 11 filing is meant to accelerate that process,” the company said.

In its petition, the company reported $100 million to $500 million in assets and $500 million to $1 billion in liabilities.

Its largest unsecured creditor is Amazon Web Services, Inc., based in Seattle, with a $3.62 million trade debt claim. No other creditors were listed with claims of $1 million or more.

The company has asked the court for an extension to file its schedules and statements.

Eye Care Leaders is a Durham, N.C.-based practice management software provider for eye doctors. The Chapter 11 case number is 24-80001.

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