Archive for the ‘Bankruptcy’ Category

BVI-based company files bankruptcy petition

Thursday, July 12th, 2007

On June 29, 2007, MediCor Ltd. as well as 7 of its subsidiaries filed petitions for relief under Chapter 11 in the US Bankruptcy Court in Wilmington, Delaware. The 7 subsidiaries listed in the bankruptcy petition are also filing for protection from creditors.

This move pursues the intention of MediCor Ltd. to engage in an orderly sale of its businesses and assets through the Chapter 11 bankruptcy proceedings. It is not expected by the company that its shareholders will receive any distributions of their equity interests. The listed debt of MediCor is USD 121 million.

The filing subsidiaries of MediCor Ltd. are as follows: International Integrated Incorporated, International Integrated USA Inc, Medicor Development Company, Medicor Management Inc., Medicor Aesthetics, III Acquisition Corporation and Intellectual Property International Inc. One of the subsidiaries – International Integrated Inc. – is a British Virgin Islands-based company.