CLEARWATER, Fla., Feb. 16 CCS Medical, Inc. a leading provider of medical supplies, today announced that it will pursue the Plan of Reorganization, dated as of February 9, 2010 (as may be amended, modified, and /or supplemented, the "Plan"). A hearing to consider approval of the Plan has been scheduled for March 11, 2010 with the United States Bankruptcy Court for the District of Delaware (the "Court").
On February 15, 2010, the Company concluded the Court-approved process whereby it marketed the sale of substantially all of its assets. The Company generated significant interest during the process, however none of the offers submitted by the bid deadline satisfied the requirements of the Court-approved procedures. The Company believes that the conclusion of the Court-approved sales process has also achieved one of the Company's goals of identifying the market's valuation range for the business, which was necessary in order to obtain confirmation of the Plan. The Company intends to pursue confirmation of the Plan on terms substantially similar to those previously presented to creditors for their approval, whereby the Company's First Lien Lenders will exchange their claims for new equity and new debt.
John Miclot, Chief Executive Officer of CCS Medical, said, "Based on the results of the sales and marketing process, we believe that the Plan represents the greatest value for our Company and our creditors. Reaching a determination as to the value of the Company provides increased certainty for our path forward."
The Company continues to make post-petition payments to suppliers in the ordinary course, and expects no changes in the goods and services it continues to provide to its customers and patients. The Company also anticipates that, pursuant to the proposed terms of the Plan, the majority of the Company's suppliers will remain unaffected by the Chapter 11 process.
Mr. Miclot added, "We continue to experience high demand for our products and services, and we remain focused on serving our customers. We look forward to the Court's approval of the Plan and a timely emergence from our reorganization process, so that we can continue to pursue our strategic objectives. I would like to thank our talented employees for their hard work and dedication throughout this process."
About CCS Medical
Founded in 1994, CCS Medical has become a leading provider of medical supplies. CCS Medical assists patients that need diabetes test strips, insulin pumps, urological supplies, ostomy supplies, advanced wound care dressings and prescription drugs. CCS Medical specializes in providing a convenient way for patients to receive supplies for their chronic illnesses in a manner that saves them time and money.
As a leader in the medical supply community, CCS Medical has a commitment to the mission statement of being the leading provider of products and services to the home chronic care marketplace.
The Company maintains a solid reputation among patients and healthcare professionals, and has developed strong relationships and select co-marketing agreements with a number of the world's leading medical products manufacturers. For more information on CCS Medical, please visit www.ccsmed.com.
This press release contains certain forward looking statements about our financial condition, operations, business strategies, objectives, future business and financing requirements. It also contains other forward looking statements about our expectations, beliefs, future plans, anticipated developments and other matters that are not historical facts concerning our business, operations and financial performance and condition. These statements are based upon management's current expectations and beliefs and are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the forward looking statements. These risks and uncertainties include market conditions and other factors beyond the Company's control.
Contacts Andy Brimmer / Meaghan Repko Joele Frank, Wilkinson Brimmer Katcher 212-355-4449
SOURCE CCS Medical, Inc.