Liquidating plan confirmed in Unipharma cases
Unipharma, LLC and real-estate affiliate Tamarac 10200, LLC opened chapter 11 in the Southern District of Florida on December 7, 2020, centered on a Tamarac, Florida pharmaceutical and nutraceutical packaging business. Unipharma listed 1,000-5,000 creditors, $50-$100 million of assets and $100-$500 million of liabilities, while Tamarac listed 1-49 creditors, $10-$50 million of assets and $50-$100 million of liabilities source filing source filing. The business operated from a 165,000-square-foot FDA-registered facility capable of producing more than 39 million units per month, with about 130 nonunion employees, and the cases were led through the first-day process by CRO Neil F. Luria source filing.
The court confirmed the Debtors’ Amended Joint Plan of Liquidation with technical modifications after a March 9 confirmation hearing, locking the cases into a wind-down rather than an operating reorganization source filing. The plan left NHTV lender secured claims, subordinated note claims, general unsecured claims and PPP loan claims impaired and voting, provided Class 5 general unsecured creditors cash recovery plus liquidating trust interests and recovery proceeds, and wiped out Tamarac and Unipharma equity source filing. The order also resolved the principal confirmation fights by withdrawal or carve-outs, including Santamarta insider and Edgar Arrieta objections, and preserved post-confirmation trust recoveries and release carve-outs for stakeholders to monitor source filing.