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Unilife Bankruptcy Objection Filed

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Kahle Automation filed with the U.S. Bankruptcy Court an objection to Unilife’s (1) key employee retention plan; (2) motion for bidding procedures in connection with the sale of substantially all of the Debtor’s assets, asset purchase agreement between the Debtors and the successful bidder and sale of substantially all of the Debtor’s assets and (3) post-petition secured super-priority financing motion.

The objection asserts, “Kahle asserts an unsecured claim against Unilife Medical Solutions in an amount in excess of $4,184,716.41….Although a committee has not yet been formed, Kahle remains optimistic that one will be formed in the near future. Kahle is not in a position to independently fund the payment to its own counsel to represent the interest of all of the unsecured creditors, but believes that in a case especially like this it is important that a committee be formed and counsel be retained to represent the interests of unsecured creditors and take a position with regard to the Motions listed above.”

In addition, “Kahle further requests that if a committee has not formed and retained counsel by the time of the hearing on financing that any financing order entered at the next hearing be entered as an interim order in order to give unsecured creditors the opportunity to form a committee and retain counsel prior to the entry of a final order regarding financing.”

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