Unilife files combined plan of liquidation and disclosure statement

By Caroline Salls

Pittsburgh, Oct. 5 – Unilife Corp. filed a combined plan of liquidation and disclosure statement on Oct. 4 with the U.S. Bankruptcy Court for the District of Delaware.

A liquidating trust will be established under the plan.

Administrative expense claims that were not assumed or paid by the purchasers of the company’s assets will be paid in full in cash.

Priority tax claims will be paid in full in installments over a five-year period.

Holders of secured claims will receive the collateral securing their claims or have the claims otherwise left unimpaired.

Non-tax priority claims will be paid in full in cash.

Holders of general unsecured claims will receive a share of beneficial interests in the liquidating trust, entitling them to cash available on one or more distribution dates.

Holders of other subordinated claims and Unilife interests will receive no distribution.

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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