Bankruptcy Judge Peter Walsh on Tuesday approved Laboratory Corp. of America Holdings' $10.5 million offer as the lead bid at the bankruptcy auction of several Indiana-based assets of fellow clinical lab operator MedLab, the Wall Street Journal reported today. Judge Walsh also extended MedLab's exclusive control over the sale of its assets through April 23, according to court papers. The company's exclusivity period was set to expire Feb. 24. A successful sale would raise money to help pay off some of MedLab's $42 million debt. In court papers, the company said it owes about $21.6 million for a loan arranged by an affiliate of Marathon Asset Management, which has also agreed to extend a $5 million bankruptcy loan to cover some of the company's bankruptcy expenses.
