Exaeris creditors committee requests court approval to examine Westernbank

By Jennifer Lanning Drey

Portland, Ore., Sept. 28 - Exaeris, Inc.'s official committee of unsecured creditors asked for court permission to examine a representative of Westernbank Puerto Rico and to obtain evidence from Westernbank and the Chapter 11 trustee for the case, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The committee said the requested examinations are necessary for it to sort through "the myriad of contentions" raised by Westernbank, Exaeris, and Inyx Inc.'s chairman and chief executive officer, Jack Kachkar.

Specifically, the committee said it is trying to determine matters including the relationship between Westernbank and Exaeris, the extent of Westernbank's claims and the extent of allegations made by Westernbank, Kachkar, Inyx USA and other parties.

The committee said it also needs to determine the effect of insolvency proceedings filed against Exaeris' affiliates in the United Kingdom and Canada.

A hearing has been scheduled for Oct. 3.

Inyx, Inc. 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 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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