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Unilife Bankruptcy Sale Approval Sought

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Unilife filed with the U.S. Bankruptcy Court a motion for an order approving the private sale of certain real property located in York, PA, free and clear of all liens, claims, rights and encumbrances and release of rights in restricted account. The buyer is First National Bank of Pennsylvania.

The motion explains, “The sale of the Property for a credit bid of $3 million will be free and clear of all liens, claims, encumbrances with a trustee deed delivered with closing no later than August 31, 2017. The Debtors will waive any claim or interest in the Deposit Account held at FNB as additional collateral to secure the repayment of the mortgage in the approximate amounts of $1.8 million. The Buyer will transfer $20,000 to the Debtors estates in exchange for a full release from the Debtor’s estates. In addition to payment of $20,000 and release of claims over $7 million, the Debtors will cease incurring utility charges, security fees and costs associated with the Property that could erode the Debtors’ limited remaining resources.”

The Court scheduled an August 28, 2017 hearing to consider the sale motion, with objections due by August 21, 2017.

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