New MediCor Ch. 11 Plan Factors In Settlements

Law360, New York (February 26, 2010, 4:56 PM EST) -- Bankrupt breast implant maker MediCor Ltd. has filed an amended liquidation plan that includes millions of dollars in settlements with plaintiffs in a series of securities class actions against the company’s officers and directors and a separate deal with its receiver, as well as an agreement between MediCor’s unsecured creditors and senior lenders.

According to the plan, filed Thursday in the U.S. Bankruptcy Court for the District of Delaware, Carolina Casualty Co., MediCor’s directors and officers insurance provider, and RSUI Indemnity Co., its excess coverage provider,...
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