Inyx granted interim OK to use Westernbank Puerto Rico cash collateral

By Caroline Salls

Pittsburgh, Aug. 14 - Inyx USA Ltd. Chapter 11 trustee Stephen S. Gray was granted interim court approval to use the cash collateral of Westernbank Puerto Rico to fund the company's operations through Oct. 31, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The final hearing is scheduled for Aug. 26.

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.

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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