Unilife Taps CEO for Loan to Avoid Defaulting on Its $60 Million Debt

Unilife (NSDQ:UNIS) yesterday said it tapped chairman & CEO Alan Shortall for a loan so it could avoid defaulting on its $60 million debt with OrbiMed.

Wayne, Pa.-based Unilife said it borrowed $600,000 from Shortall so it could maintain the $5 million cash balance required by the OrbiMed loan and still make a payment on the loan.

The investment fund also agreed to put up another $10 million in debt funding for Unilife, the company said.

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