Unilife bid deadline, auction pushed back; examiner motion withdrawn

By Caroline Salls

Pittsburgh, June 20 – Unilife Corp.’s bid deadline has been extended and its auction and asset sale hearing adjourned, according to a notice filed with the U.S. Bankruptcy Court for the District of Delaware.

The bid deadline has been extended to 4 p.m. ET on July 5.

The auction will be held on July 7, if necessary, pushed back from June 23. The sale hearing is scheduled for July 10, adjourned from June 26.

In addition, Unilife unsecured creditor Kahle Automation, SRL withdrew its motion for appointment of an examiner to investigate alleged potential misconduct and mismanagement on the part of the company’s officers and directors, according to a notice filed Tuesday.

As previously reported, Kahle said Unilife’s Securities and Exchange Commission filings over the course of the past year reveal that the company became aware during early 2016 that some former officers and directors had been involved in mismanagement and potentially criminal misconduct related to financial transactions they coordinated and completed while in positions of leadership at Unilife.

Specifically, Kahle said SEC filings state that these transactions, at least in part, “involved the improper commingling of Unilife’s funds with personal funds.”

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

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