CCS Medical's plan confirmed, emergency from bankruptcy expected soon

By Lisa Kerner

Charlotte, N.C., March 11 - CCS Medical, Inc.'s plan of reorganization was confirmed by the U.S. Bankruptcy Court for the District of Delaware on Thursday, according to a company news release.

The plan as confirmed has the support of a majority of the company's first-lien and second-lien lenders, CCS Medical said.

CCS Medical said it expects to emerge from Chapter 11 within the next several weeks.

Under CCS Medical's plan, the company will reduce its outstanding debt to approximately $200 million from approximately $522 million. First-lien lenders will exchange their claims for 100% of the new equity in CCS Medical and new debt.

The majority of CCS Medical's trade vendors will continue to be paid in full.

"The fundamentals of our business are solid, and our success in significantly reducing our debt and strengthening our balance sheet will allow us to invest in the business to better serve our customers and their patients," CCS Medical chief executive officer John Miclot said.

CCS, a Clearwater, Fla., direct-to-consumer provider of medical supplies, filed for bankruptcy on July 8, 2009. Its Chapter 11 case number is 09-12390.

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