TLC Vision Eye Care Emerges from Bankruptcy

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TLC Vision Corporation, the eye care services provider, has emerged from bankruptcy protection Thursday as a privately held company owned by affiliates of Charlesbank Capital Partners LLC and HIG Capital LLC. Together with new ownership, the company also has a new board of directors. The previous board, including its Chairman, Warren Rustand has resigned. All new board members are employees of Charlesbank and HIG. The company has also been given fresh capital injection to ensure it has room for expansion.

As part of an arrangement to restructure its debts, TLC Vision and two of its subsidiaries filed for Chapter 11 bankruptcy protection in December last year. About three months later in February, the management went into an agreement to sell TLC to Charlesbank Capital Partners where it would receive up to $134.4 million including $25 million in debtor-in-possession financing. This sale would include its eye centers in the United States and its six refractive centers in Canada.

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