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Exaeris disclosure statement approved; plan confirmation hearing set for May 22
By Caroline Salls
Pittsburgh, April 16 - Exaeris, Inc.'s disclosure statement for its plan of liquidation was approved Wednesday by the U.S. Bankruptcy Court for the District of Delaware.
The plan confirmation hearing is scheduled for May 22.
As previously reported, the company 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.
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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