Exaeris hearing to convert or dismiss Chapter 11 case continued to mid-February

By Rebecca Melvin

New York, Feb. 1 - A hearing to consider the request of the Exaeris Inc. U.S. Trustee to convert or dismiss the company's Chapter 11 case has been continued for two weeks until mid-February, according to an attorney.

The new hearing of the U.S. Bankruptcy Court for the District of Delaware has not been scheduled, he said.

As previously reported, U.S. Trustee Kelly Beaudin Stapleton asked the court on Jan. 16 to either convert the case to Chapter 7 bankruptcy for liquidation or dismiss the case.

The request was made after the court denied the sale of substantially all of its assets to its parent. Stapleton said the denial of the sale motion and the lack of operations will cause a substantial loss to Exaeris' estate.

Stapleton said there is no reasonable chance that the company can be rehabilitated.

Exaeris is a subsidiary of Inyx, which develops drug delivery technologies and products for the treatment of respiratory, allergy, dermatological, topical and cardiovascular conditions.

Exaeris was placed in bankruptcy on July 2, 2007. Its case number is 07-10887.

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