ST. LOUIS—Earlier this month, the U.S. bankruptcy court in Delaware approved refractive-surgery firm TLC Vision's reorganization plan, and the company has now emerged from Chapter 11 bankruptcy protection as a privately held entity, a TLC Vision announcement said last week.

TLC Vision is now owned by investment firms Charlesbank Capital Partners and H.I.G. Capital.

In a recent filing with the Securities and Exchange Commission, the company said the reorganization plan provided for payment in full of all outstanding amounts owed to TLC Vision's senior secured lenders. It also provided for up to $9 million in cash and $3 million in a promissory note to pay unsecured creditors. As part of the reorganization plan, Charlesbank and H.I.G. acquired all of the company's assets, including 100 percent of the equity in TLC USA and the firm's six refractive centers in Canada. A new TLC Vision board of directors was named as well, with three representatives from Charlesbank and two from H.I.G.; the previous directors resigned as part of the reorganization.

TLC Vision filed for Chapter 11 bankruptcy protection on Dec. 21, 2009. It was subsequently delisted by the Nasdaq stock exchange for failing to meet the exchange's minimum requirements for stock price and valuation.

James Tiffany, TLC Vision's president and chief executive officer, said last week the company has emerged from bankruptcy "with a healthier balance sheet and an improved cost structure." He added, "We are now better positioned both competitively and financially to take advantage of opportunities within our markets and achieve our true growth potential."