New Delaware Chapter 11 Filing – Unilife Corporation, et al.
Unilife Corporation (NASDAQ: UNIS), a manufacturer and supplier of wearable injectors and other proprietary drug delivery systems based in York, Pennsylvania, and two of its affiliates have filed petitions for relief under Chapter 11 in the Bankruptcy Court for the District of Delaware (Lead Case No. 17-10805). The Debtors’ last 10-Q, filed on February 9, 2017, reported total liabilities of $201.07 million and total assets of $82.98 million. According to the First Day Declaration, the Debtors’ business has been unable to generate sufficient cash to cover its operating and finance costs. The First Day Declaration also states that one of Unilife’s Australian non-Debtor affiliates, Unitract Syringe Pty Limited, owns substantially all of the Debtors’ Intellectual Property. Rust Consulting/Omni Bankruptcy is the proposed claims and noticing agent. The cases have been assigned to the Honorable Laurie Selber Silverstein.
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