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Vision Group Holdings files for Chapter 11

Christian Fernsby ▼ | June 1, 2020
LVI Intermediate and 17 of its affiliates including the Laser Vision Institute and TLC Laser Eye Center brands, doing business as Vision Group Holdings, filed for voluntary protection from creditors in Delaware under Chapter 11 of the U.S. Bankruptcy Code.
Vision Group Holdings
Laser   Vision Group Holdings
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.

Topics: Vision Group Chapter 11

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.