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Unilife Bankruptcy Sale Approved

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The U.S. Bankruptcy Court issued an order approving Unilife’s motion for the private sale of certain real property located in York, PA, free and clear of all liens, claims, rights and encumbrances and release of rights in restricted account.

As previously reported, “The buyer is First National Bank of Pennsylvania. The sale of the Property for a credit bid of $3 million will be free and clear of all liens, claims, encumbrances with a trustee deed delivered with closing no later than August 31, 2017. The Debtors will waive any claim or interest in the Deposit Account held at FNB as additional collateral to secure the repayment of the mortgage in the approximate amounts of $1.8 million. The Buyer will transfer $20,000 to the Debtors estates in exchange for a full release from the Debtor’s estates. In addition to payment of $20,000 and release of claims over $7 million, the Debtors will cease incurring utility charges, security fees and costs associated with the Property that could erode the Debtors’ limited remaining resources.”

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