Book Closed/Last Chapter, page-2

Bankruptcy court approves Unilife asset deals

July 24, 2017 at 11:45 AM




York County-based medical device maker Unilife Corp., which filed for Chapter 11 bankruptcy protection in April, has received court approval to sell off its assets to creditors and development partners, eliminating more than $40 million of debt in the process.
According to documents filed last week in Delaware court, California biotechnology company Amgen Inc., which entered into a licensing agreement with Unilife in early 2016, agreed to pay $10 million in a court auction for the company's intellectual property and inventory.
Unilife develops, manufactures and supplies wearable drug-delivery systems.
The Conewago Township-based company, which has been struggling to stay afloat for more than a year, also received a bid for $7.5 million from Hikma Pharmaceuticals, a licensing development partner, for intellectual property connected to a device Unilife created for Hikma products.
And ROS Acquisition Offshore LP, an affiliate of OrbiMed Advisors, an investment group that has lent Unilife at least $70 million since 2014, bid $25 million to acquire its collateral.
With the bankruptcy filing, ROS provided a short-term loan, known as a debtor-in-possession financing, to support continuing business operations while the company was sorting out the court auction. That course of action was approved in May.
Related to Unilife's real estate, specifically its 165,000-square-foot headquarters at 250 Cross Farm Lane and a related company bank account, First National Bank of Pennsylvania, part of F.N.B. Corp., bid $4.8 million.
Unilife has been trying to sell the property, which opened in 2010 at a cost of $31 million.
The company listed assets of about $83 million and debt of $201 million as of the end of 2016. It employed 76 people at the time of the bankruptcy filing.
A week before the filing, the company laid off 51 people and disclosed the potential shutdown of its facilities in a Worker Adjustment and Retraining Notification, or WARN, Act notice with the state.
Company officials and attorneys involved in the bankruptcy process could not be reached for comment on the latest court actions.

http://www.cpbj.com/article/20170724/CPBJ01/170729919/bankruptcy-court-approves-unilife-asset-deals


Yet...Anyone that pointed the finger at AS got suspended from HC for 7 days ??

I was one of them !!