MediCor gets court OK of bid procedures for sale of its assets

By Reshmi Basu

New York, Aug. 24 - MediCor Ltd. received court approval of the bidding procedures for the proposed sale of substantially all of its assets, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to sell its foreign operating subsidiaries, which include France-based Eurosilicone SAS business and United Kingdom-based Nagor Ltd.

MediCor also wants to place its Biosil business on the shopping block. The company has applied for pre-market approval with the Food and Drug Administration to distribute and market those assets.

Under the procedures, all bids must be submitted by 5 p.m. ET on Sept. 7. The minimum purchase price is $50 million. Each successive bid must be for at least $100,000 more than the previous bid.

The successful bidder will be required to deposit 10% of the winning offer.

There is no break-up fee or expense reimbursement.

The auction will be held Sept. 18, and the sale hearing is scheduled for Sept. 24.

MediCor is a North Las Vegas, Nev., health care company that makes and sells products for the aesthetic, plastic and reconstructive surgery and dermatology markets. Its Chapter 11 case number is 07-10877.

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