• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Drug Delivery Business

  • Clinical Trials
  • Research & Development
  • Drug-Device Combinations
  • FDA
  • Pharmaceuticals
  • Policy

Bankrupt Unilife asks judge for $1m in bonuses for top execs

April 26, 2017 By Sarah Faulkner

Unilife logoUnilife (NSDQ:UNIS), which filed for Chapter 11 bankruptcy earlier this month, reportedly asked a Delaware bankruptcy court yesterday to approve a “key employee retention plan” that would provide 4 top executives with nearly $1 million in bonuses, contingent upon a successful sale of the company. Unilife added it has already approved the plan with its debtor-in-possession lender.

The cash-strapped company owes more than $22 million to Sanofi, Kahle Automation, Morgan Stanley, Hikma Pharmaceuticals and MECO Inc., according to documents that Unilife filed in the U.S. Bankruptcy Court for the District of Delaware.

Unilife reported just weeks ago that it plans to pursue a balance sheet restructuring of its debt and equity and a going concern sale of its assets in an attempt to address its capital structure.

“Unilife’s current capital structure was put in place to support our business model as a diffuse drug delivery system company, and our business has evolved significantly as we have focused on our wearable injector technology.  Now, in light of the terms of the company’s debt obligations and its inability to continue to finance the business outside of bankruptcy, we need to restructure the company’s debt and equity or sell the assets as a going concern,” CEO John Ryan said, after filing for Chapter 11 bankruptcy.

Earlier in April, the company reportedly laid off 51 employees.

Filed Under: Drug-Device Combinations, Featured, Legal News, Pharmaceuticals, Wall Street Beat Tagged With: Unilife Corp.

IN CASE YOU MISSED IT

  • Embecta stock soars on first full-quarter results after BD spinoff
  • Abbott will spend $450M to up FreeStyle Libre production in Ireland
  • Better Therapeutics Q2 beats Street as it prepares to submit diabetes therapy for FDA review
  • Study backs Fluidx embolic device for vessel filling
  • Senseonics stock is up as it sticks by revenue guidance

Primary Sidebar

MEDTECH 100 INDEX

Medtech 100 logo
Market Summary > Current Price
The MedTech 100 is a financial index calculated using the BIG100 companies covered in Medical Design and Outsourcing.
Need Drug Delivery Business News in a minute? We Deliver!
Drug Delivery Enewsletters get you caught up on all the mission critical news you need in med tech. Sign up today.

Signup for the newsletter

Footer

Drug Delivery Business News Logo

MassDevice Medical NETWORK

MassDevice
DeviceTalks
Medical Tubing & Extrusion
Medical Design & Outsourcing
MedTech100 Index
Drug Discovery & Development
Pharmaceutical Processing World
Medical Design Sourcing
R&D World

DRUG DELIVERY BUSINESS NEWS

Subscribe to Drug Delivery’s E-Newsletter
Advertise with us
About
Contact us
Privacy
Listen to our Weekly Podcasts
Add us on FacebookFollow us on TwitterConnect with us on LinkedIn

Copyright © 2022 · WTWH Media LLC and its licensors. All rights reserved.
The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media.

Advertise | Privacy Policy | RSS