TLC Vision interim DIP loan approved; final hearing set for Jan. 22

By Caroline Salls

Pittsburgh, Dec. 22 - TLC Vision Corp. was granted interim access to $7.5 million of its $15 million debtor-in-possession facility, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Jan. 22.

Cantor Fitzgerald Securities is the administrative agent and collateral agent.

The facility will mature on the earliest of 45 days after entry of the interim order if a final order has not been entered, 150 days from the filing date, the effective date of a plan of reorganization, upon completion of a sale of substantially all company assets and upon conversion or dismissal of the bankruptcy cases.

Interest will be one-month Libor plus 1,000 basis points.

TLC Vision, a Mississauga, Ont.-based eye care services company, filed for bankruptcy on Dec. 21. Its Chapter 11 case number is 09-14473.

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