Pharmed seeks court OK of bid procedures for $10.1 million headquarters sale

By Reshmi Basu

New York, Dec. 14 - Pharmed Group Holdings, Inc. asked for court approval of the bid procedures for the $10.1 million sale of its Miami-based headquarters to stalking horse bidder Florida Power & Light Co., according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

If Florida Power is not selected, Pharmed Group will pay it a $75,000 break-up fee

Under the proposed bidding procedures, bids must be accompanied by a $500,000 deposit. The deadline for submitting bids is Jan. 15.

The initial competitive bid must exceed the $10.1 million purchase price by $100,000. And successive bids must be made in increments of at least $25,000.

The entry of an order approving the procedures must be entered by Dec. 27, a condition of the purchaser agreement, the company said in the motion.

An auction is scheduled for Jan. 28. The sale hearing will happen immediately following the auction, subject to the court's calendar.

Pharmed, a Miami-based full-line distributor of medical, surgical and rehabilitative supplies, filed for bankruptcy on Oct. 26. Its Chapter 11 case number is 07-19187.

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