Pharmed sets bid procedures for $1.2 million inventory sale

By Caroline Salls

Pittsburgh, Dec. 28 - Pharmed Group Holdings, Inc. requested court approval of the bid procedures for the proposed $1.2 million sale of inventory owned by its Pharmed Group Corp. debtor, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

Invatec Ltd. is the stalking horse bidder.

Competing bids are due by 5 p.m. ET on Jan. 18, and all bids must include a $120,000 deposit.

Initial overbids must be for at least $25,000 more than the stalking horse bid. Subsequent bids at auction must be for at least $10,000 more than the previous bid.

The auction will be held Jan. 21, and the sale must close by Jan. 24.

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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