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.
Contact Norman L. Pernick and Nicholas J. Brannick for more information.
As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication.
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