Status Updates
NOI
On August 7, 2020, TLC Vision (Canada) Corp. (the “Company”) filed a Notice of Intention to Make a Proposal (the “NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act,¸ R.S.C 1985, c. B-3, as amended (the “BIA”) and GlassRatner Restructuring Inc. (“GlassRatner”) was appointed as trustee under the NOI.
The NOI filing provides for a stay of proceedings against the Company, pursuant to s. 69(1) of the BIA, subject to certain limitations, while the Company formulates a restructuring plan and attempts to develop a viable proposal for its creditors.
On August 14, 2020, the Company brought a Motion to the Ontario Superior Court of Justice (Commercial List) (the “Court”) for a Court Order seeking, among other things, an extension to the time within which the Company is required to make a Proposal. The Court issued an Order (the “Order”) approving the extension to October 18, 2020 and the change of the Company name, from TLC Vision (Canada) Corp. to 1985877 Ontario Inc.
A copy of the Order is posted below.
Proposal
On October 15, 2020, the Company filed a Holding Proposal (the “Holding Proposal”) with the Proposal Trustee. The Proposal Trustee mailed a Notice of Holding Proposal Package to all known creditors on October 22, 2020. A General Meeting of Creditors to consider and vote on the Holding Proposal was held on Thursday, November 5, 2020, at 10:00 a.m. (EST) via telephone conference.
A copy of the Notice of Holding Proposal Package is posted below.
Employee or Creditor Inquiries
For employee or creditor inquiries, please contact:
Geanina Schmidt
Associate | Restructuring
T: 437.294.4620
E: gschmidt@glassratner.com
The case updates and court filed documents on this website are for information purposes only and you should consult your financial or legal adviser if you have any questions or concerns about your rights or obligations. Additional updates on the status of these proceedings may become available in the future.
Documents
Proposal Documents
- Certificate of Filing of a NOI
- NOI Creditors Package
- Certificate of Filing of a Proposal
- Holding Proposal Creditors Package
Court Orders & Endorsements
- Order of Justice Koehnen (Extension Order) – August 14, 2020
- Endorsement of Justice Koehnen – August 14, 2020
- Order of Justice Koehnen (Approval & Vesting Order) – August 14, 2020