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Unilife Bankruptcy Liquidation Plan Effective

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Unilife’s First Amended Combined Disclosure Statement and Chapter 11 Plan of Liquidation became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on December 13, 2017.

BankruptcyData’s detailed Plan Summary notes, “The Bankruptcy filing and Plan of Liquidation attempt to implement a process to market and sell the Debtors’ assets so that the Debtors can maximize the value of their Estates and preserve the Debtors ongoing business. On July 21, 2017 the Bankruptcy Court approved a licensing agreement sale between the Debtors and Amgen Inc. in which Amgen agreed to pay $10 million for the Company’s intellectual property and inventory; a intellectual property sale between the Debtors and Hikma Pharmaceuticals in which Hikma Pharmaceuticals agreed to pay $7.5 million; and a collateral agreement between the Debtors and ROS Acquisition Offshore LP, which lent the Debtors at least $70 million since 2014, in which ROS Acquisition Offshore LP retained its collateral for $25 million.”

This drug delivery systems’ manufacturer filed for Chapter 11 protection on April 12, 2017, listing $88 million in pre-petition assets.

Read more Unilife bankruptcy news.