MediCor $2.2 million DIP approved

By Caroline Salls

Pittsburgh, Aug. 28 - MediCor Ltd. obtained final court approval of $2.2 million in debtor-in-possession financing from Silver Oak Capital, LLC, HFTP Investment LLC, Promethean II Master, LP, Promethean I Master Ltd. and Portside Growth and Opportunity Fund, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Interest on the DIP facility will be 8.5%.

The DIP facility will mature on the earlier of Jan. 31, 2008 and the effective date of a plan of reorganization or liquidation.

The company will pay a closing fee of 1% of the commitment amounts in cash on the maturity date.

MediCor, a North Las Vegas, Nev., health care company that makes and sells products for the aesthetic, plastic and reconstructive surgery and dermatology markets, filed for bankruptcy on June 29. Its Chapter 11 case number is 07-10877.

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