TLCVision extends loan waiver and forbearance until Sept. 30

By Sara Rosenberg

New York, Sept. 11 - TLCVision Corp. extended the waiver and forbearance under its credit facility to Sept. 30 from Sept. 9, according to a news release.

The waiver covers specified defaults and provides that the lenders will, until Oct. 1, forbear from exercising their rights arising out of the non-payment of certain principal, interest and other payments previously due.

In addition, the agreement provides for the company to negotiate in good faith and use its best efforts to agree by Sept. 28 to a term sheet on proposed additional financing acceptable to a majority of the bank lenders and a term sheet on a debt and/or equity restructuring acceptable to lenders.

The extension was obtained on Sept. 8.

TLCVision is a Mississauga, Ont.-based eye care services company.

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