TLC parent company Vision Group Holdings files for bankruptcy

WEST PALM BEACH, FL— LVI Intermediate and 17 of its affiliates including the Laser Vision Institute and TLC Laser Eye Center brands, doing business as Vision Group Holdings, filed for voluntary protection from creditors in Delaware under Chapter 11 of the U.S. Bankruptcy Code.

The filing will facilitate the sale of the company’s business as a going concern. The company’s plan is to quickly transition to a new ownership group through an expected 90-day process and use the time to restructure and strengthen its balance sheet and debt profile, while continuing to operate normally.

Related: NIH launches clinical trials network: COVID-19 vaccine underway

The company’s investment banking advisor reports strong interest from multiple potential acquirors, including the company’s current financial backers.

The company expects to close a sale sometime in September.

“The action we are taking is largely the result of the negative impact that the COVID-19 pandemic has had on the economy,” says Lisa Melamed, interim CEO for Vision Group Holdings.

Based in West Palm Beach, Vision Group Holdings oversees and manages 2 of the leading LASIK surgery providers in the nation: The LASIK Vision Institute and TLC Laser Eye Centers. The company has performed more than 3.2 million LASIK eye procedures and serves multiple markets—63 cities—in the U.S. and Canada.

The planned sale will position the company for future growth, provide access to capital, and cement the company’s position, according to the company.

Melamed confirmed that stay-in-place orders and the mandatory closure of non-essential businesses including elective medical procedures forced the company to close all locations and temporarily lay off most of its team members. She advised however, “while our centers were closed in response to the pandemic, we are excited to report that we have started to reopen and are currently treating new patients.”

“We expect to emerge from the proceedings stronger a than ever,” she added. “Already we are seeing strong demand for our services at the centers we’ve reopened.”

Related: Ptosis therapy gets first-in-category FDA nod