MediCor Offers Secured Creditors Limited Payment

Law360, New York (December 30, 2008, 12:00 AM EST) -- Bankrupt breast implant maker MediCor Ltd. has filed a proposed liquidation plan that will provide limited distribution to its senior lenders while leaving most other creditors in the dust.

Under the plan, filed Monday in the U.S. Bankruptcy Court for the District of Delaware, MediCor's prepetition senior lenders would release MediCor from over $57 million in debt in exchange for pro rata distribution of most of the proceeds of MediCor's liquidation, and certain litigation to be pursued by a liquidating trustee.

The senior lenders include Silver...
To view the full article, register now.