Eye-care services company, TLC Vision Corp., is seeking bankruptcy protection.
Tiger Woods has been all over the headlines recently for his controversial life off the course, and he is making headlines again this week. Even though he’s in the headlines again, this news probably won’t make the tabloids. One of his sponsors, TLC Vision Corp., is filing for bankruptcy. The company, which deals in eye-care services, needs to restructure its debt in order to remain economically viable.
The company filed Chapter 11 documents in Wilmington, Delaware on Monday. In the documents the company listed both assets and debt in the range of $100 million to $500 million. Also, to make things smoother the company already reached a deal with a large portion of its lenders. The deal will allow the company to restructure debt, and it will give lenders 100% equity in the company that will be newly formed, TLC Vision (USA).
In Tiger Woods related news, the company also mentioned that their relationship with him remains unchanged. That means for the time being they will remain one of Tiger Woods’ sponsors.
Bankruptcy is a good option for the company, and it is probably the only option the company had. In addition to the bankruptcy filing news, the company is seeking $15 million more in financing to pay employee salaries and benefits, and to pay critical vendors. Without bankruptcy on the horizon, it may have been very hard for the company to obtain that financing, and the company would not be able to continue operating.
If you find yourself struggling behind mounds of debt, don’t be afraid of bankruptcy. Individuals and companies like TLC Vision Corp. use bankruptcy everyday to turn their finances around. You can wipe out and restructure debts in practically no time, and you’ll have a fresh start. A good bankruptcy attorney will end up saving you money and time through the process, so contact one today to see if bankruptcy is right for you.