Unilife $1 million interim DIP facility approved; final hearing May 4

By Caroline Salls

Pittsburgh, April 17 – Unilife Corp. received court approval to use $1 million of a proposed $7.5 million of debtor-in-possession financing on an interim basis, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for May 4.

The DIP facility is underwritten by an affiliate of OrbiMed Advisors.

Interest will accrue at a rate of 10%.

The facility will mature on July 15.

Unilife said this DIP financing, combined with cash from operations, is expected to provide sufficient liquidity during the Chapter 11 cases to support the company’s continuing business operations and minimize disruption.

Medical device manufacturer Unilife is based in York, Pa. The company filed bankruptcy on April 12 under Chapter 11 case number 17-10805.

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