Medicor seeks approval of $3.95 million settlement with receiver

By Lisa Kerner

Charlotte, N.C., Aug. 18 - Medicor Ltd. wants the court to approve a settlement with the secured lenders and court-appointed receiver for Southwest Exchange, Inc. Larry L. Bertsch to resolve competing claims, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

A hearing is scheduled for Sept. 7.

Under the settlement, the debtors will pay $3.95 million to the receiver for distribution to the settlement class.

The settlement requires approval from a Nevada court.

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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