Exaeris unsecured creditors committee asks court to order buyer to close on asset sale

By Caroline Salls

Pittsburgh, Aug. 13 - Exaeris, Inc.'s official committee of unsecured creditors asked the U.S. Bankruptcy Court for the District of Delaware to force the purchaser of the company's assets to comply with its obligations under Exaeris' plan of liquidation, according to a Wednesday court filing.

The committee said the court confirmed the plan and approved the sale of the company's assets to a nominee of chairman and chief executive officer Jack Kachkar on May 23.

Although the company has met all of the closing conditions and is ready to close on the asset sale, the committee said neither Kachkar nor his nominee have tendered the sale consideration or completed the appropriate documentation.

The committee is also asking the court to order the buyer to reimburse additional counsel fees it has incurred as a result of the closing default.

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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