SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 3, 1999
Advanced Medical Products, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
16-1284228
(Commission File Number) (IRS Employer Identification No.)
6 Woodcross Drive, Columbia, SC 29212
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (803) 407-3044
Not Applicable
(Former name or former address, if changed since last report)
ITEM 3. BANKRUPTCY OR RECEIVERSHIP
On May 3, 1999, the United State Bankruptcy Court for the District of South
Carolina entered and order approving the Disclosure Statement filed on March
23, 1999, fixing June 11, 1999 as the last day for filing ballots accepting
or rejecting the Plan of Reorganization filed March 23, 1999, and setting
June 21, 1999 as the date of the hearing on the confirmation of the Plan of
Reorganization.
On May 10, 1999, the United State Bankruptcy Court for the District of South
Carolina entered an order authorizing the sale of Advanced Medical Products,
Inc.'s assets free and clear of all liens, encumbrances and interests
pursuant of 11 U.S.C. 363(b)(1) and (f).
On May 11, 1999, pursuant to the court order entered on May 10, 1999,
Advanced Medical Products, Inc. sold all assets, including equipment,
inventory, and accounts receivable, outside the ordinary course of business,
free and clear of all liens and encumbrances and other interests, pursuant
to chapter 11 paragraph 363 of the bankruptcy code. Biosensor Corporation
purchased the assets and assumed all of the secured debt, employee and
commission liabilities, and all customer warranty and service liabilities
of Advanced Medical Products. In addition, Biosensor made a payment of
$68,000 for certain priority claims and administrative expenses, and to pay
outside unsecured creditors. Biosensor and its subsidiaries agreed not to
participate in distribution of payments toward unsecured claims, although
their claims exceed unsecured claims by all non-affiliated creditors
combined. Biosensor also agreed to assume Advanced Medical's lease
obligations and would expect to continue to operate the business at the
present Columbia, SC location.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of businesses acquired: None required.
(b) Pro forma financial information: None required.
(c ) Exhibits. None required.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ADVANCED MEDICAL PRODUCTS, INC.
Date: May 18, 1999 By: RONALD G. MOYER
Ronald G. Moyer
Chief Executive Officer
BTCM:BANKRUPTCY8K.DOC
