Vision Group Holdings Announces Voluntary Reorganization In
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.
SOURCE Vision Group Holdings