On December 21, 2009, TLC Vision Corporation filed for Chapter 11 bankruptcy to restructure its debt.
Company representatives said that clinical patient care would continue without change or interruption during the restructuring phase.
No other company operations, affiliates or subsidiaries—including Sightpath Medical, a wholly-owned subsidiary of TLC Vision—are involved in the filing.
“After evaluating a number of strategic alternatives with our board of directors and advisors, we decided that restructuring our debt through court protection was the best way to preserve the value of our business,” says Jim Tiffany, TLC Vision president and COO. “We expect to emerge swiftly from Chapter 11 with a stronger balance sheet and able to better capitalize on our industry leadership position.”