Exaeris files liquidation plan, sets procedures for sale of assets

By Caroline Salls

Pittsburgh, Feb. 15 - Exaeris, Inc. filed its plan of liquidation Friday with the U.S. Bankruptcy Court for the District of Delaware.

The company said it plans to sell substantially all of its assets, and a liquidating trust will be established under the plan to make distributions to creditors.

According to the plan, chairman and chief executive officer Jack Kachkar will be allowed to place a credit bid for the assets.

Kachkar's bid will include the total amount needed to pay all administrative expense, priority tax and debtor-in-possession facility claims, plus $275,000.

No break-up fee will be paid.

Initial overbids must be for at least $50,000 more than the purchase price and must include a 10% deposit.

Bids at auction must be at least $20,000 higher than the previous bid.

Creditors will receive:

• Holders of administrative claims, priority claims and other priority claims will receive full payment in cash;

• Holders of other secured claims will receive either full cash payment or the return of the collateral securing the claim;

• Holders of general unsecured claims will receive a share of the proceeds from the sale of substantially all of the company's assets; and

• Interests will be cancelled and holders will receive no distribution under the plan.

Exaeris is a subsidiary of Inyx, Inc., 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 Chapter 11 case number is 07-10887.

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