Bankrupt Unilife asks judge for $1m in bonuses for top execs

Unilife (NSDQ:UNIS), which filed for Chapter 11 bankruptcy earlier this month, reportedly asked a Delaware bankruptcy court yesterday to approve a “key employee retention plan” that would provide 4 top executives with nearly $1 million in bonuses, contingent upon a successful sale of the company. Unilife added it has already approved the plan with its debtor-in-possession lender.

The cash-strapped company owes more than $22 million to Sanofi, Kahle Automation, Morgan Stanley, Hikma Pharmaceuticals and MECO Inc., according to documents that Unilife filed in the U.S. Bankruptcy Court for the District of Delaware.

Get the full story at our sister site, Drug Delivery Business News.

The post Bankrupt Unilife asks judge for $1m in bonuses for top execs appeared first on MassDevice.

from MassDevice http://ift.tt/2qftaga