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Abstract
ST. LOUIS, MO--(Marketwire - May 20, 2010) - TLC Vision (USA) Corporation (the "Company"), North America's premier eye care services company, announced today that it has officially emerged from Chapter 11 as a newly reorganized, private company. The Company's Plan of Reorganization (the "Plan"), which was confirmed by the U.S. Bankruptcy Court on May 6, 2010 and subsequently recognized by a Canadian court order, has become effective. All outstanding closing conditions have been satisfied or waived.
In accordance with the Plan, affiliates of Charlesbank Capital Partners, LLC and H.I.G. Capital, LLC have acquired substantially all the assets of TLC Vision Corporation, including 100% of the equity of the Company and TLC Vision Corporation's six refractive centers in Canada. It is expected that any remaining assets of TLC Vision Corporation will be liquidated in a Canadian proceeding and that net proceeds of such liquidation, if any, will be distributed to TLC Vision Corporation's creditors in accordance with the Plan.
Brandon C. White, Managing Director, Charlesbank Capital Partners, LLC Joshua A. Klevens, Vice President, Charlesbank Capital Partners, LLC Tim R. Palmer, Managing Director, Charlesbank Capital Partners, LLC Timothy B. Armstrong, Managing Director, H.I.G. Capital, LLC Brian D. Schwartz, Managing Director, H.I.G. Capital, LLC