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Exaeris asset purchaser ordered to comply with plan, sale obligations
By Caroline Salls
Pittsburgh, Aug. 29 - Exaeris, Inc.'s asset purchaser was ordered to comply with its obligations under the company's plan of liquidation at the request of Exaeris' official committee of unsecured creditors, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.
According to the committee's motion, 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, the committee said neither Kachkar nor his nominee have tendered the sale consideration or completed the appropriate documents.
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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