Everyone should read the 8-K filed today by Unilife very carefully. Among the statements from that 8-K is this: "The Chapter 11 Filings constituted an event of default under the Credit Agreement dated March 12, 2014 (as amended from time to time, the “Credit Agreement”) by and between Unilife Medical Solution, Inc. (the “Borrower”), a wholly owned subsidiary of Unilife, and ROS. In addition, the Borrower’s failure, as of April 7, 2017, to maintain at least $3,000,000 of unrestricted cash and cash equivalents constituted an event of default under the Credit Agreement."
It is interesting that management waited until today to mention the default that took place five days ago.
Read the entire 8-K and educate yourself.
outstanding principal and accrued and unpaid interest to date, in the aggregate amount of approximately $86.7 million became immediately due and payable.
UNS Price at posting:
0.5¢ Sentiment: Sell Disclosure: Not Held
