Pharmed files plan of liquidation

By Jennifer Lanning Drey

Portland, Ore., June 9 - Pharmed Group Holdings, Inc. and its official committee of unsecured creditors filed a joint plan of liquidation and related disclosure statement Monday with the U.S. Bankruptcy Court for the Southern District of Florida.

Under the plan, the net proceeds of the sale of the company's assets will be distributed to creditors.

Creditor treatment under the plan includes:

• Holders of $227,000 in administrative expense claims, less than $100,000 of priority tax claims, and an unlisted amount of non-priority tax claims will receive a full cash recovery;

• Holders of general secured claims, which includes all secured claims other than the secured claim held by Comerica Bank, will receive at their option either the collateral securing the claim or a cash recovery;

• Holders of general unsecured claims will receive their share of Pharmed's remaining assets.

• Holders of equity security interests will receive no distribution under the plan.

Pharmed, a Miami-based full-line distributor of medical, surgical and rehabilitative supplies, filed for bankruptcy on Oct. 26, 2007. Its Chapter 11 case number is 07-19187.

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