Wearable Injector Maker Delivers Itself to Bankruptcy Court
Known for developing wearable injectors that enable drug delivery, Unilife Corp. filed for chapter 11 in Delaware Bankruptcy Court on Wednesday, April 12, 2017. The petition, signed by CEO John Ryan, lists an estimated $82.9 million in assets and $201 million in liabilities and states the company has not generated sufficient revenue because it has not yet commercialized the product. Creditors include Sanofi Winthrop Industries in Paris, which is owed $10 million, according to court documents, and Hikma Pharmaceuticals in Jordan, which is owed $2.7 million.
Read declaration of CEO John Ryan here.
Medical Device Creator Seeks Refuge in Chapter 11 After Funding Comes to a Halt
After its key investor American Capital was acquired by Ares Capital Ltd, the long-term financing Halt Medical had enjoyed came to a screeching halt in January and, according to court documents, the creator of a uterine fibroid treatment for women filed for bankruptcy in Delaware Bankruptcy Court. Acessa Dipco LLC, an affiliate of Murray Enterprises LLC, is the stalking horse bidder. The petition, filed on April 12, 2017, listed $10 million in assets and $500 million in liabilities.
Read Motion to Approve DIP financing here.
Read declaration of Halt Medical’s President and Chief Executive Officer Kimberly Bridges-Rodriguez here.
Lingerie Retailer Hopes Not to Lose Its Shirt as It Fends Off Evictions in Court
Agent Provocateur Inc. and its subsidiary Agent Provocateur LLC filed chapter 11 papers in New York Southern Bankruptcy Court on the heels of eviction proceedings launched by Bal Harbour Shops at 9700 Collins Ave. in Miami and by 675 Madison LLC in Manhattan at 675 Madison Ave. According to a declaration by Global Retail Director Amanda Brooks, the legal actions have forced the company to claim bankruptcy in order to stave off any lease terminations or evictions relating to these locations. The parent company in the U.K. went bankrupt in March after being acquired by Four Marketing. An affiliate of Four Marketing has offered to provide DIP financing as well as purchase twelve retail stores in the U.S. through an asset-purchase agreement as the stalking horse bidder, according to court documents. Listing estimated assets and liabilities of up to $10 million equally, both petitions are signed by Ms. Brooks.
Read declaration of Agent Provocateur Global Retail Director Amanda Brooks here.
Alliance Medical Holdings and some 56 affiliated pharmacies and healthcare businesses asked for chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. The filing occurred after a reported criminal investigation involving a raid of the company’s Salt Lake City headquarters. According to court documents, $25 million is owed in a contingent unliquidated dispute to the West Virginia Attorney General, which has sued several pharmacies in recent years for dispensing too many prescription painkillers and for forcing patients to pay higher prices by transferring prescriptions without their permission. Fallen affiliates include Health Rx Holdings LLC, Canyon Medical LLC, Bridgestone Pharmacy LLC, Uplift Rx LLC, Woodward Drugs LLC, Eat Great Cafe LLC, and Cottonwood Pharmacy LLC. Court documents state the voluntary petitions were filed in the event that the company is unsuccessful in dissuading Zions First National Bank, headquartered in Salt Lake City, from filing an action for the appointment of a receiver.
Read Debtor Uplift Rx LLC’s Motion for Joint Administration here.
Rupari Seeks Bankruptcy Protection After Sweet Pork Deal Turns Sour
Some $20 million worth of undelivered wide back ribs lead to a multimillion-dollar jury verdict that has left Rupari Food Services and Affiliate Rupari Holding Corp crying uncle in U.S. Bankruptcy Court for the District of Delaware. Pork exporter Danish Crown reportedly sued Rupari in 2010 because the meat vendor failed to take delivery of a full 6.6 million pounds of ribs from Danish Crown. According to chapter 11 petitions filed on Monday, April 10, 2017, a legal settlement that’s listed as an unsecured claim of $1.2 million is owed to Danish Crown. Both Rupari Food Services and Rupari Holding Corp listed up to $500 million in liabilities and $100 million in assets.
Ciber Inc. Seeks Bankruptcy Court Blessing for Tie-Up With French Suitor
Publicly traded Ciber, an international IT outsourcing company, filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware this week with total assets of $334.327 million and debts of $171.927 million The chapter 11 petition, signed by CFO Christian Mezger, reveals Capgemini America Inc., a unit of France’s Cap Gemini SA, as the stalking horse bidder. Affiliates CIBER International LLC and Ciber Consulting Incorporated followed suit. Beverly Hills, Calif.-based hedge fund Legion Partners Asset Management owns at least 10% of Ciber, according to court documents, and the company received an offer of $45 million in DIP financing. European exchange rates and labor rules reportedly caused a decline in revenue, prompting the sale of its operations in the Netherlands, Norway and Sweden in 2016.
Read declaration of Ciber Inc. Chief Restructuring Officer Jonathan P. Goulding here.