Unipharma disclosure statement, asset sale to NHTV approved by court

By Sarah Lizee

Olympia, Wash., Feb. 1 – Unipharma, LLC’s disclosure statement for its Chapter 11 plan of liquidation and its asset sale to pre-bankruptcy lender and stalking horse bidder NHTV ULM Holdings LLC were both approved by the U.S. Bankruptcy Court for the Southern District of Florida, according to two separate orders filed Friday.

Plan terms

The plan confirmation hearing is scheduled for March 9.

The plan provides for the appointment of a plan administrator to control and effectuate the claims reconciliation process, make distributions to holders of allowed claims and direct the wind-down, liquidation, sale or abandoning of the remaining assets of the debtors, among other things.

Under the plan, holders of other secured claims will receive payment in full in cash or receive the collateral securing their claims.

Holders of other priority claims will receive cash in full.

Holders of NHTV ULM claims and pre-petition unsecured subordinated notes claims will receive their pro rata share of the liquidating trust interests, after all DIP claims are satisfied in full in cash.

Holders of general unsecured claims will receive their pro rata share of the NHTV class 5 claims distribution and liquidating trust interests, after all DIP claims are satisfied in full in cash.

Holders of intercompany claims, other subordinated claims, existing Tamarac equity interests and existing Unipharma interests will not receive or retain any property on account of their claims.

Sale terms

The purchase price under the stalking horse agreement is $20 million, which will be credited against obligations outstanding under a senior secured loan, plus the assumption of the remaining outstanding debt due under the agreement, the assumption of other assumed liabilities and, at NHTV’s option, all or any portion of the outstanding obligations under the DIP facility.

Unipharma is a Tamarac, Fla., health care packaging company serving the pharmaceutical and nutraceutical sectors in the development, manufacturing and packaging of liquid, disposable and single-dose units. The company filed bankruptcy on Dec. 7 under Chapter 11 case number 20-23348.

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