Pharmaceutical Companies Exaeris, Inc. and Inyx USA Ltd. File Chapter 11 Petitions in Delaware
On July 2, 2007, Exaeris, Inc. and Inyx USA Ltd. each filed petitions for bankruptcy under Chapter 11 of the Bankruptcy Code. The debtors filed a motion for joint administration of these cases under case number 07-10887. Judge Kevin Gross of the United States Bankruptcy Court for the District of Delaware has been assigned to these cases.
According to the web site of Inyx, Inc., Exaeris is a wholly-owned sales and marketing subsidiary of pharmaceutical company Inyx, Inc. Inyx, Inc. is not a debtor in these cases. Exaeris commenced operations in January 2006, and “is focusing on the strategic commercialization of niche or enhanced pharmaceutical products, marketing and promotion activities, including those created through collaborative agreements with other companies as well as for Inyx’s own proprietary products.” Also according to the Inyx, Inc. web site, Inyx USA Ltd. is based in Manati, Puerto Rico, and operates a pharmaceuticals production center there. Inyx USA Ltd. is also a wholly-owned subsidiary of Inyx, Inc.
On July 3, 2007, Inyx, Inc. filed an 8-k with the SEC representing that the filing of these two cases was a protective measure taken in response to a dispute with Inyx, Inc.’s principal lender, Westernbank Puerto Rico. Inyx, Inc.'s three United Kingdom subsidiaries, Inyx Pharma Limited, Inyx Europe Limited and Ashton Pharmaceuticals Limited, received a letter from Westernbank, alleging that the UK subsidiaries were in default under the loan and security agreements with Westernbank as a result of failing to comply with certain covenants under such agreements. Westernbank informed the UK subsidiaries that it was accelerating the loans and appointing an Administrator over the business of the UK subsidiaries. As a result, a U.K. court-appointed Administrator has taken over control of the UK subsidiaries.
On June 29, 2007, Inyx, Inc. and Inyx USA, Ltd. (the “Inyx Parties”), together with the Inyx, Inc.’s Chairman and Chief Executive Officer, Dr. Jack Kachkar, filed suit against Westernbank in New York State Supreme Court, alleging, among other things, that Westernbank acted in bad faith and in a commercially unreasonable manner by blocking the flow of funds from the Inyx Parties' customers to Inyx, Inc., and preventing the Inyx Parties from paying their debts.
On June 29, 2007, Westernbank issued a demand for the immediate payment by Inyx, Inc. and its U.K. and U.S. subsidiaries for all outstanding loans and all other obligations claimed under the loan documents with Westernbank.
Also according to the July 3, 2007 8-k, Dr. Kachkar will seek approval to provide funding to the debtors.
On July 3, 2007, Inyx, Inc. filed an 8-k with the SEC representing that the filing of these two cases was a protective measure taken in response to a dispute with Inyx, Inc.’s principal lender, Westernbank Puerto Rico. Inyx, Inc.'s three United Kingdom subsidiaries, Inyx Pharma Limited, Inyx Europe Limited and Ashton Pharmaceuticals Limited, received a letter from Westernbank, alleging that the UK subsidiaries were in default under the loan and security agreements with Westernbank as a result of failing to comply with certain covenants under such agreements. Westernbank informed the UK subsidiaries that it was accelerating the loans and appointing an Administrator over the business of the UK subsidiaries. As a result, a U.K. court-appointed Administrator has taken over control of the UK subsidiaries.
On June 29, 2007, Inyx, Inc. and Inyx USA, Ltd. (the “Inyx Parties”), together with the Inyx, Inc.’s Chairman and Chief Executive Officer, Dr. Jack Kachkar, filed suit against Westernbank in New York State Supreme Court, alleging, among other things, that Westernbank acted in bad faith and in a commercially unreasonable manner by blocking the flow of funds from the Inyx Parties' customers to Inyx, Inc., and preventing the Inyx Parties from paying their debts.
On June 29, 2007, Westernbank issued a demand for the immediate payment by Inyx, Inc. and its U.K. and U.S. subsidiaries for all outstanding loans and all other obligations claimed under the loan documents with Westernbank.
Also according to the July 3, 2007 8-k, Dr. Kachkar will seek approval to provide funding to the debtors.
I am very upset about the bankruptcy.
I have been using the Lens Plus Saline solution by exaeris for twenty years. It is the only saline solution that does not irritate my eyes. I am finding it quite difficult to find something that is even near their product. What do we as consumers do?