| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers U > Headlines for Unigene Laboratories Inc. > News item |
Unigene Laboratories files Chapter 7 bankruptcy; employees, board gone
By Caroline Salls
Pittsburgh, July 2 - Unigene Laboratories, Inc. made a Chapter 7 bankruptcy filing Tuesday in the U.S. Bankruptcy Court for the District of New Jersey.
According to an 8-K filed Tuesday with the Securities and Exchange Commission, a Chapter 7 trustee will be appointed by the court, and the company's remaining assets will be liquidated.
As of July 2, all remaining Unigene employees were terminated, including president and chief executive officer Ashleigh Palmer and chief financial officer, treasurer and secretary Brian Zietsman.
Also on July 2, Richard Levy, Palmer, Thomas J. Sabatino Jr., Joel A. Tune and Jack Wyszomierski resigned from the company's board of directors, leaving it with no current board members.
According to court documents, Unigene has $394,022 in assets and $64.18 million in debt.
The bankruptcy filing constituted an event of default under Unigene's amended and restated financing agreement with administrative and collateral agent Victory Park Management, LLC and the various senior secured promissory notes issued in accordance with that agreement, as well as its settlement and release agreement with the Estate of Jean Levy, The Jaynjean Levy Family LP, Dr. Warren Levy and Dr. Ronald S. Levy.
As of Tuesday, there was $38.3 million outstanding under the senior secured notes held by the Victor Park lenders and $24.3 million outstanding to the Levy parties.
The company is represented by Reed Smith LLP.
Fairfield, N.J.-based Unigene is a biopharmaceutical company focusing on the oral and nasal delivery of large-market peptide drugs. The Chapter 7 case number is 13-24696.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.