Unilife Receives Court OK For Sales To Credit Bidders

Law360, Wilmington (July 19, 2017, 10:46 PM EDT) -- Bankrupt medical device maker Unilife Corp. received court approval Wednesday in Delaware for three sale transactions following an auction Monday that will wipe more than $40 million in debt from the company's balance sheet.

During a hearing in Wilmington, Unilife attorney Mark E. Felger of Cozen O'Connor said that it was pursuing sales to three credit bidders who made offers for different lots of the debtor's assets during the auction that would eliminate $42.5 million of debt for Unilife.

"The debtors have spent the last 24 hours or so reviewing the bids and negotiating asset purchase agreements with the various bidders,"...

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