Unigene Claims $64.2M Liabilities In Ch. 7 Petition
By Kathryn Brenzel (July 3, 2013, 4:58 PM EDT) -- New Jersey-based Unigene Laboratories filed for Chapter 7 bankruptcy on Tuesday, declaring $64.2 million in liabilities after defaulting on repayments to a private equity firm and the company's founders.
The filing follows a troubling year for the drugmaker, including a loss of revenue from its osteoporosis nasal spray, Fortical, with warnings earlier this year that if the company failed to restructure debt owed to Victory Park Capital and its founders, it wouldn't be able to continue operations, according to regulatory filings.
The company lists $394,022 in assets and $64.2 million in liabilities — most of which is debt owed to VPC,...
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