TLCVision Enters Agreement for Alternative Restructuring Plan With Charlesbank Capital Partners

ST. LOUIS, MO, Feb 03, 2010 (MARKETWIRE via COMTEX News Network) —

TLC Vision Corporation, North America’s premier eye care services company, announced today that it has entered into a plan sponsor agreement with certain affiliates of a fund managed by Charlesbank Capital Partners pursuant to which the Company has proposed an alternative plan of reorganization which would result in the payment in full of all outstanding amounts owing to the Company’s senior secured lenders under its credit facility and under the Company’s current debtor-in-possession financing. In connection with the new plan, Charlesbank has agreed to provide $25 million in debtor-in-possession financing.

The new plan with Charlesbank provides for the following: the payment in full of all amounts owing to the Company’s senior secured lenders under its credit facility; the acquisition by Charlesbank of substantially all the assets of the Company, including 100% of the equity of TLC Vision (USA) Corporation and the Company’s six refractive centers in Canada; payments to employees and critical vendors in the ordinary course of business; and distributions to certain secured and unsecured creditors. There is no assurance of any distribution of funds to the shareholders of the Company under the plan. The plan sponsor agreement is subject to Bankruptcy Court approval and completion of the plan is subject to customary conditions, including Bankruptcy Court approval and all other regulatory approvals

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