Leonard Curtis administrators appointed to York Pharma
Specialist pharmaceutical company unable to refinance before repayment deadline
Pharma has appointed administrators from Leonard Curtis after it
failed to find re-financing to pay off a $750,000 (£455,000) loan.
Andrew Poxon and John Malcolm Titley of
were appointed joint administrators after York’s directors were unable to
refinance a loan repayable by 29 July.
York’s directors took a line of credit from Uluru for $1m on 7 April, of
which $750,000 plus accrued interest is outstanding.
But their attempts to find alternative funding and financing to meet working
capital requirements at the specialist dermatology drug manufacturer will not be
completed by the repayment date. Uluru has assigned the loan to RH Acquisitions.