WEST PALM BEACH, Fla.,
May 30, 2020 /PRNewswire/ -- LVI
Intermediate and 17 of its affiliates including the Laser Vision
Institute and TLC Laser Eye Center brands, doing business as Vision
Group Holdings, today 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. 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're taking is largely the result of the negative
impact that the COVID-19 pandemic has had on the economy," said
Lisa Melamed, Interim Chief
Executive Officer for Vision Group Holdings.
Based in West Palm Beach,
Vision Group Holdings oversees and manages two 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 is the industry leader as it 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 industry
leading position.
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 and more
viable than ever for team members, surgeons, patients and
partners," she added. "Already we are seeing strong demand for our
services at the centers we've reopened."
The statements contained herein may contain certain
forward-looking statements relating to the Company that are
based on the beliefs of the Company's management as well as
assumptions made by and information currently available to the
Company's management. These forward-looking statements are,
by nature, subject to significant risks and uncertainties. These
forward-looking statements include, without limitation, statements
relating to the Company's business prospects, future
developments, trends and conditions in the industry and
geographical markets in which the Company operates, its
strategies, plans, objectives and goals, its ability to control
costs, statements relating to prices, volumes, operations, margins,
overall market trends, risk management and exchange rates.
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SOURCE Vision Group Holdings