Exaeris, Inyx USA creditor asks court to transfer case to Puerto Rico

By Caroline Salls

Pittsburgh, July 19 - Exaeris, Inc. and Inyx USA, Ltd. creditor Westernbank Puerto Rico has asked the U.S. Bankruptcy Court for the District of Delaware to transfer the Inyx, Inc., U.S. subsidiaries' Chapter 11 case to the U.S. Bankruptcy Court for the District of Puerto Rico, according to a Thursday filing.

Westernbank said the case should be converted because it and a majority of Inyx's unsecured creditors have a presence in Puerto Rico, most of the witnesses to be used in the litigation Westernbank brought against Inyx and Inyx USA management in connection with fraud allegations are located in Puerto Rico and Inyx USA's principal place of business is Puerto Rico.

Specifically, Westernbank said 62% of Inyx USA's creditors and 58% of Exaeris' creditors are located in Puerto Rico.

As a result, Westernbank said the venue transfer would be more convenient for all parties involved.

A hearing is scheduled for Aug. 7.

Inyx is a pharmaceutical company based in New York that develops drug delivery technologies and products for the treatment of respiratory, allergy, dermatological, topical and cardiovascular conditions. Its U.S. subsidiaries - Exaeris and Inyx USA - were placed in bankruptcy on July 2, and their Chapter 11 case number is 07-10887.

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