Exaeris seeks approval of $6.2 million claim settlement

By Caroline Salls

Pittsburgh, April 9 - Exaeris, Inc. requested court approval of a $6.2 million claim settlement with Ventiv Commercial Services, LLC, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Ventiv formerly provided Exaeris with integrated and outsourced sales and marketing services.

In July 2007, the parties agreed that Ventiv was no longer obligated to provide services to Exaeris, and Ventiv could automatically terminate the services agreement if it did not receive specified post-bankruptcy payments.

According to the motion, Exaeris ceased operations and stopped paying Ventiv in October 2007.

Under the settlement, Ventiv will have an allowed $6.2 million pre-bankruptcy claim against Exaeris in connection with their services agreement, but Ventiv will not have an administrative expense claim against Exaeris.

A hearing is scheduled for May 1.

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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