NEW YORK, July 12 /PRNewswire-FirstCall/ -- Inyx, Inc. , reported that the company's Chairman & CEO, Jack Kachkar, M.D., yesterday was approved as the debtor-in-possession lender for Inyx USA, Ltd. and Exaeris, Inc., its two wholly-owned North American operating subsidiaries, by the U.S. Bankruptcy Court in the District of Delaware, over the objections of Westernbank Puerto Rico, a wholly owned subsidiary of W Holding Company, Inc. .
On July 2, 2007, as a measure to protect Inyx against further potential damaging actions by Westernbank, the company placed its two U.S. operating subsidiaries in Chapter 11 protection.
As a result of yesterday's court approval of Dr. Kachkar providing the financing for the U.S. operating subsidiaries, Inyx's North American businesses will continue to operate on a normal basis.
Dr. Kachkar also continues to provide the financing for the operations of Inyx, Inc., which is not itself a party to the Chapter 11 filings.
In addition to the Chapter 11 protection, on June 29, 2007, Inyx, Inc. and Inyx USA, together with Dr. Kachkar and his wife, filed suit against Westernbank in New York State Supreme Court, asserting various causes of action seeking no less that $500 million in compensatory damages as well as punitive damages. The complaint charges, among other things, that Westernbank acted in bad faith and in a commercially unreasonable manner by blocking the flow of funds from Inyx's customers to the company, and preventing the Inyx companies from paying their debts. The complaint asserts causes of action for breach of contract and breach of the implied covenant of good faith and fair dealing, promissory estoppel, wrongful dishonor of checks, wrongful impairment of collateral, tortious interference or impairment with prospective business relations, and third-party beneficiary of contract and tortious interference with contracts and prospective business relations.
Inyx, Inc. is a specialty pharmaceutical company with niche drug-delivery technologies and products for the treatment of respiratory, allergy, dermatological, topical and cardiovascular conditions. Inyx USA, Ltd., located in Manati, Puerto Rico, is the company's North American-based production center. Exaeris, Inc., based in Exton, Pennsylvania, is Inyx's North American marketing arm. For more information, please visit: www.inyxgroup.com.
Statements about the Inyx's future expectations, including future revenues and earnings, and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Inyx intends that such forward-looking statements be subject to the safe harbors created thereby. Since these
statements involve risks and uncertainties and are subject to change at any time, Inyx's actual results could differ materially from expected results.
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