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Liberty Medical to sell assets; lead bid value at least $46.5 million
By Caroline Salls
Pittsburgh, Oct. 1 – Liberty Medical Supply, Inc. requested court approval of the bid procedures for the proposed sale of substantially all of its assets, according to a Sept. 30 filing with the U.S. Bankruptcy Court for the District of Delaware.
Liberty Medical Operations, Inc. is the stalking horse bidder.
In addition to a $13 million cash purchase price, Liberty Medical Operations has agreed to assume at least $33.5 million in liabilities, resulting in a purchase price value of $46.5 million or more.
If the stalking horse bidder is not the high bidder for the assets, Liberty Medical Supply would pay it a $1.4 million breakup fee and reimburse up to $500,000 of its expenses.
The deadline for competing bids will be 5 p.m. ET on Nov. 7. An auction will be held on Nov. 11, if necessary.
The first bid at the auction, other than the stalking horse bid, will be considered only if it exceeds the proposed purchase price by a minimum of the amount necessary to pay the bid protections and at least $300,000 in cash.
Subsequent bids must be made in minimum increments of $300,000.
The company has requested an Oct. 8 hearing on approval of the bid procedures.
Liberty Medical, a Port St. Lucie, Fla.-based health-care products home delivery provider, filed for bankruptcy on Feb. 15, 2013. The Chapter 11 case number is 13-10262.
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