Liberty Medical Supply, Inc. offers daily diabetes supplies and diabetic products to customers in the United States. Its diabetes products and supplies include glucose meters, continuous glucose monitoring system, diabetes test strips, control solutions, lancet devices and supplies, and insulin pumps and supplies. The company also offers CPAP equipment, ostomy supplies, drug-free solutions for erectile dysfunction, catheters and accessories, prescription medications, diabetes recipes, diabetes information, and more; and urinary catheter supplies, such as foley, intermittent, and male external catheters, as well as urological accessories, including external urine drainage bags and extension t...
8881 Liberty Lane
Port Saint Lucie, FL 34952
Founded in 1989
Liberty Medical Supply, Inc. Settles with Lender Alere Inc
Apr 26 13
Liberty Medical Supply, Inc. has won court approval for a compromise with secured lender Alere Inc. that transfers some of the debtor's assets for forgiveness of $17.5 million in debt. Under the compromise, Liberty will repay Alere $22.5 million plus interest on a $40 million loan and transfer certain assets to an Alere affiliate for forgiveness of the remainder of the loan. It was unclear from court papers what Liberty assets would remain after the transfer. According to court documents, Liberty was purchased by Polymedica Corp. in 1996. Polymedica was sold to Medco Health Solutions Inc. on Oct. 31, 2007, and Liberty was integrated into Medco. Express Scripts Inc. acquired Medco in April 2012. Soon after Express Scripts acquired Medco, the new owner divested itself of Liberty, which included both a Medicare fee for service business and a commercial business. Liberty's senior management, including Frank Harvey, Tim Tidd, Arlene Rodriguez, Robert Mark and Sam Silek, then decided to acquire Liberty's business. The sale closed on Dec. 3. Meanwhile, on Nov. 30 the senior management group entered a promissory note with Alere for $40 million and used $30 million of that loan to purchase Liberty's business. The loan from Alere contained a condition that Alere could retake the purchased assets within 75 days of Dec. 3 in exchange for canceling the loan. Liberty then filed for bankruptcy on Feb. 15 and a week later requested to reject Alere's ability to take over the assets. On March 10, Alere objected to the motion, and on April 2 it asked the court to determine that the condition in its loan was not a contract the debtor could reject.