Inyx USA sets bid procedures for $2 million sale of Manati property

By Caroline Salls

Pittsburgh, Sept. 2 - Inyx USA, Ltd. requested court approval of the proposed $2 million sale of the company's real estate and property in Manati, Puerto Rico, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

Cromwell Capital, LLC is the stalking horse bidder.

The auction will be held on Sept. 25.

Initial overbids must be for at least $2.075 million, and subsequent bids at auction must be for at least $25,000 more than the previous bid.

A hearing on the bid procedures is scheduled for Sept. 3.

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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