Liberty Medical looks to sell assets

Friday, June 30, 2017

PORT ST. LUCIE, Fla. – Mail-order supplier Liberty Medical may close on deal next month to sell the majority of its assets.

If the deal closes, the company will lay off 263 employees Aug. 27, according to a local news report. Among the affected positions: president, chief financial officer and director of human resources.

Liberty has undergone much turmoil over the past few years. In December 2012, a group of Liberty executives bought the company from its parent company, Express Scripts. Two months later, in February 2013, it filed for Chapter 11 bankruptcy. It cited a dispute with Express Scripts over tax liabilities and a significant recoupment by Medicare among its liabilities.

Liberty settled with Medicare in October 2014, paying $32 million. That same month, a bankruptcy judge approved a stalking horse bid for Liberty’s assets. It was acquired for $68.5 million by Palm Beach Capitol.