Inyx USA trustee seeks access to cash collateral through Oct. 31

By Caroline Salls

Pittsburgh, Sept. 4 - Inyx USA, Ltd.'s Chapter 11 trustee requested court approval to use the cash collateral of Westernbank Puerto Rico to fund operations and management of Inyx's business through Oct. 31, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Without the necessary funds to purchase supplies and meet the company's remaining payroll and other expenses, preserve its hard assets pending their sale and formulate a plan, trustee Stephen S. Gray said the liquidation of Inyx's assets will stop and the value of those assets will decline significantly.

A hearing is scheduled for Sept. 10.

Inyx USA is a subsidiary of New York-based pharmaceutical company Inyx, Inc. Inyx USA filed for bankruptcy on July 2, 2007, and its Chapter 11 case number is 07-10888.

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