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Bankruptcy May Be Your Option

Medical device manufacturer seeks bankruptcy protection

Most companies in Oklahoma sets goals for the future. Regardless of the exact wording of their plan for the future and how they measure whether they have accomplished their goals, they all want to be successful. Unfortunately, there are often many factors that can influence a company's overall success that are often beyond the control of those who lead the company. One out-of-state company is now attempting to help secure its future success by filing for bankruptcy protection.

The company, Unilife Corporation, manufactures medical devices, including wearable devices that inject medications. Unfortunately, the company showed signs that it was struggling in 2016. At that time, it laid off approximately 40 percent of its workforce. It recently laid off over 30 percent of its remaining 140 employees.

Reports indicate that the company struggled with customizing, selling and licensing its technology. Its recent bankruptcy filing allows the company to be "debtors-in-possession," meaning that operations will continue despite the court filing. A representative for the company says that the company hopes to either sell assets or restructure in order to ensure its financial viability.

Unfortunately, even companies in Oklahoma with the most innovative and useful products can struggle with getting them distributed. To help manage their debt, companies often seek bankruptcy protection. There are multiple options when it comes to seeking such an option, including one that will allow the company to continue its operations while it restructures its debt. An attorney with experience with such cases can help companies and individuals fully understand the best option to pursue.

Source: modernhealthcare.com, "Unilife Corp. files for bankruptcy", Rachel Z. Arndt, April 17, 2017

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