TLC Vision Ch. 11 Plan Leaves Shareholders In Dust

Law360, New York (January 7, 2010, 2:13 PM EST) -- Hoping for a swift emergence from bankruptcy, TLC Vision Corp. has submitted a prepackaged plan that would restructure approximately $105 million in prepetition debt, give unsecured creditors a severe haircut and wipe out the laser eye surgery provider’s existing shareholders.

The Chapter 11 plan and disclosure statement, filed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, proposes giving prepetition lenders $80 million in restructured notes and a pro rata share of new TLC common stock, emerging as a privately held company.

The restructured...
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