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Unilife Sale Bid Procedures Approval Sought

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Unilife filed with the U.S. Bankruptcy Court a motion to approve (i) sale bidding procedures in connection with the sale of substantially all of the Debtors’ assets, scheduling an auction and sale hearing; and (ii) approving the asset purchase agreement between the Debtors and the successful bidder, and authorizing the sale of substantially all of the Debtors’ assets free and clear of liens, claims, encumbrances, and interests.

The sale motion explains, “The Debtors request authority, in the exercise of their reasonable business judgment, to offer a Stalking Horse bidder any or all of the following as part of a Stalking Horse Agreement: (a) a break-up fee in an amount to be determined by the Debtors, not to exceed 3% of the total purchase price offered by the Stalking Horse Bidder in the Stalking Horse Agreement; (b) reimbursement of the Stalking Horse Bidder’s reasonable and actual fees and expenses incurred as the Stalking Horse Bidder up to $25,000; (c) initial overbid protection in the amount of $100,000 plus the amount of the break-up fee and expense reimbursement.” The following dates are fixed: Bid deadline – June 8, 2017; Auction – June 9, 2017; sale hearing – June 13, 2017, with objections due by June 5, 2017.

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