Liberty Medical authorized to sell all assets for $32.5 million cash

By Kali Hays

New York, Nov. 17 – Liberty Medical Supply, Inc. obtained court approval to sell substantially all company assets to Liberty Medical, LLC for the cash price of $32.5 million and the assumption of up to $35.96 million in liabilities, according to a Nov. 14 order from the U.S. Bankruptcy Court for the District of Delaware.

Stalking horse bidder Liberty Medical Operations, Inc. is the designated backup bid with a cash offer of $24.45 million and the assumption of $33.5 million in liabilities.

As Liberty Medical Operations is not the winning bidder, the company is entitled to a $1.4 million breakup fee and reimbursement of expenses up to $500,000 under the approved stalking horse agreement.

The sale is set to close no later than Nov. 28.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.