Inyx USA trustee seeks approval of $4.2 million loan

By Caroline Salls

Pittsburgh, May 27 - Inyx USA Ltd.'s Chapter 11 trustee requested court approval to obtain $4.2 million of credit from Westernbank Puerto Rico through July 31, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Chapter 11 trustee Stephen S. Gray is seeking approval to use $3.13 million of the funding on an interim basis from June 1 to June 30 and to use the $1.07 million balance from July 1 to July 31.

The financing will be used to pay administrative expenses of the company's Chapter 11 bankruptcy case, as well as for working capital and general corporate purposes.

Interest will be Base rate plus 50 basis points.

The interim hearing is scheduled for Wednesday.

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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