Unipharma cancels auction, seeks approval to sell assets to NHTV

By Sarah Lizee

Olympia, Wash., Jan. 19 – Unipharma, LLC canceled an auction of its assets scheduled for Wednesday and said it will proceed with a sale hearing on Thursday with the stalking horse bidder, NHTV ULM Holdings LLC, according to a notice filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Florida.

As previously reported, the purchase price under the stalking horse agreement is $20 million, which will be credited against obligations outstanding under a senior secured loan, plus the assumption of the remaining outstanding debt due under the agreement, the assumption of other assumed liabilities and, at NHTV’s option, all or any portion of the outstanding obligations under the DIP facility.

Competing bidders had the right to credit bid, subject to some requirements.

Bids had to include cash consideration at least equal to the stalking horse bid, including the amount of assumed debt plus all amounts outstanding under the DIP facility, an expense reimbursement, an initial cash overbid of $500,000 and the assumption of assumed liabilities.

Unipharma is a Tamarac, Fla., health care packaging company serving the pharmaceutical and nutraceutical sectors in the development, manufacturing and packaging of liquid, disposable and single-dose units. The company filed bankruptcy on Dec. 7 under Chapter 11 case number 20-23348.

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