Inyx USA creditors committee objects to proposed Manati property sale

By Jennifer Lanning Drey

Portland, Ore., Sept. 3 - Inyx USA, Ltd.'s official committee of unsecured creditors objected to a motion filed by the company's Chapter 11 trustee seeking approval to sell Inyx's real estate and property in Manati, Puerto Rico, for $2 million, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The creditors said they believe the sale is structured to solely benefit the company's secured lender, Westernbank Puerto Rico.

The creditors claimed that the bidding procedures should not be approved because they fail to explain whether the trustee has done any marketing of the assets prior to filing the sale motion.

Additionally, they said the bid procedures fail to provide a basis for allowing a credit bid at the time of the auction.

The creditors also objected to the proposed timing included in the bid procedures, which look to hold an auction on Sept. 25.

As previously reported, Cromwell Capital, LLC is the stalking horse bidder in the proposed sale.

Under the proposed bidding procedures, initial bids 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.

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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