MediCor gets court permission for $51.5 million asset sale

By Jennifer Lanning Drey

Portland, Ore., April 16 - MediCor Ltd. was granted court approval to sell substantially all of its assets through a series of transactions totaling $51.5 million, according to a source familiar with the case.

The approval came Wednesday from the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Global Consolidated Aesthetics (US) Corp. has agreed to buy the company's pre-market approval application-related assets for $1.5 million; Global Consolidated Aesthetics France SAS has agreed to buy all 33,750 of MediCor subsidiary ES Holdings SAS' Eurosilicone SAS shares for $38 million; Global Consolidated Aesthetics UK Ltd. has agreed to buy Biosil UK Ltd.'s Biosil Ltd. outstanding shares for $5 million; and Global Consolidated Holdings Ltd. will buy Biosil UK's Nagor Ltd. shares for $7 million.

Global Consolidated has paid a $5.15 million deposit toward the total purchase price.

MediCor attempted to sell substantially all of its assets in 2007, but it was forced to withdraw that sale motion when it received no qualified bids.

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, 2007. Its Chapter 11 case number is 07-10877.

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