Auction date set for HearUSA

FORT LAUDERDALE, FL–The assets of Hear USA, one of the nation’s largest networks of hearing aid dispensing practices, will go up for bids in an auction to be       held in the Fort Lauderdale offices of the law firm Berger Singerman P.A. HearUSA, which is based in West Palm Beach, filed under Chapter 11 of the US Bankruptcy Code on May 16.\

The company has reached an agreement to sell its assets for $80 million to William Demant Holdings, owner of Oticon and other hearing care companies.  However, the auction will give other prospective purchasers a chance to outbid Demant. Bids are due on July 21 and the auction will take place on July 29. Bidders must make a $4 million deposit. The minimum bid will be $72.5 million, and auction participants must make a $4 million deposit.

HearUSA reported revenues of $83.5 million in 2010.