MediCor to wind up affairs; plan of liquidation effective Nov. 24

By Caroline Salls

Pittsburgh, Dec. 2 - MediCor Ltd.'s plan of liquidation took effect on Nov. 24, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The plan distributes the proceeds from the company's asset sale to creditors.

The company will liquidate any remaining assets, make plan distributions, wind up its affairs and be dissolved.

Treatment of creditors will include:

• Holders of priority tax claims, administrative expense claims and priority claims will be paid in full;

• Holders of senior lender secured claims will receive distributable cash;

• Holders of senior lender deficiency claims will receive a share of litigation proceeds;

• Holders of general unsecured claims will receive a general unsecured cash payment, a share of a directors and officers settlement amount and a share of litigation proceeds; and

• Holders of inter-debtor claims, non-debtor subsidiary claims and equity interests will receive no distribution.

MediCor, a North Las Vegas health care company that makes and sells products for the aesthetic, plastic and reconstructive surgery and dermatology markets, filed for bankruptcy on June 29, 2007. Its Chapter 11 case number is 07-10877.

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