Inyx USA Chapter 11 trustee looks to use Westernbank Puerto Rico cash collateral through Oct. 31

By Caroline Salls

Pittsburgh, Aug. 8 - Inyx USA Ltd. Chapter 11 trustee Stephen S. Gray requested court approval to use the cash collateral of Westernbank Puerto Rico to fund the company's operations through Oct. 31, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Gray said the cash collateral will be used for working capital and general corporate purposes in the operation and management of Inyx USA's business, as well as to pay the costs of administration of its bankruptcy case.

A hearing is scheduled for Aug. 12.

Inyx USA is a subsidiary of New York-based pharmaceutical company Inyx, Inc. Inyx USA filed for bankruptcy on July 2, 2007, and its Chapter 11 case number is 07-10888.

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