Seeking to restructure or sell its operations, York County, Pa.-based Unilife Corp. today filed for chapter 11 protection in Delaware court, the Central Penn Business Journal reported yesterday. In filing the motion, Unilife said that it would look to sell its business but is leaving open the option of continuing operations, according to a company filing with the U.S. Securities and Exchange Commission. The company's hopes for restructuring rest on a $7.5 million debtor-in-possession loan commitment made by ROS Acquisition Offshore LP, an affiliate of OrbiMed Advisors, an investment group that has lent Unilife at least $70 million since 2014. The DIP loan is subject to court approval and would come in two installments: of $1 million and $6.5 million, according to the SEC filing.
