TLCVision to Restructure Debt in Pre-Arranged Chapter 11 Filing

ST. LOUIS, MO--(Marketwire - December 21, 2009) - TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's premier eye care services company, said today that it has reached an agreement with holders of a majority of the Company's senior secured debt to restructure its balance sheet.

To expedite its financial restructuring, which includes a pre-arranged plan of reorganization, the Company and two of its wholly owned subsidiaries, TLC Vision (USA) Corporation and TLC Management Services Inc., have filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. In addition, the Company is seeking a recognition of its Chapter 11 filing in a case that it is commencing in the Ontario Superior Court of Justice under the Canadian Companies' Creditors Arrangement Act. No other company operations, affiliates or subsidiaries -- including its TLC Laser Eye Centers -- are involved in the filing.

TLCVision said clinical care for patients continues without change or interruption. TLCVision will continue to honor the TLC Lifetime Commitment. The Company also said the filing will not affect its on-going commitments to current employees.



source: MarketWire