Exaeris asks court to hold Kachkar in contempt for failing to close asset sale

By Caroline Salls

Pittsburgh, Sept. 22 - Exaeris, Inc.'s official committee of unsecured creditors asked the U.S. Bankruptcy Court for the District of Delaware to hold asset purchaser Jack Kachkar in contempt for not closing on the asset sale, according to a Monday court filing.

As previously reported, the committee filed a motion in August asking the court to force Kachkar or his nominee to comply with Exaeris' plan of reorganization by closing on the sale.

Although Kachkar agreed to close the sale by Sept. 3, the committee said he has not done so.

The committee said it has received several assurances that the required funds were being wired. However, the committee said Kachkar has not followed through on these promises, "and it appears that Kachkar is intent on continuing to avoid his responsibilities under the plan."

"Unless the court imposes appropriate sanctions against Kachkar for his failure to abide by the court's order, he will not close on the sale and the entire benefit from the plan will be lost," the committee said in the motion.

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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