Exaeris, Inyx USA DIP facility modified to create $25,000 escrow account for unsecured creditors

By Jennifer Lanning Drey

Portland, Ore., July 30 - Exaeris, Inc. and Inyx USA, Ltd.'s proposed debtor-in-possession financing facility was amended to provide that $25,000 of the DIP proceeds will be deposited into escrow for payment of professional fees incurred by the company's official committee of unsecured creditors, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

Any unused portion of the account will be returned to Exaeris' estate.

As previously reported, Exaeris requested court approval of up to $2 million in DIP financing from parent Inyx Inc.'s chairman and chief executive officer, Jack Kachkar.

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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