Inyx USA trustee granted court approval to sell equipment at Manati property

By Jennifer Lanning Drey

Portland, Ore., Sept. 4 - Inyx USA, Ltd.'s Chapter 11 trustee was granted court approval for the bidding procedures related to the proposed sale of equipment in Manati, Puerto Rico, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

The trustee had originally asked for court approval of bidding procedures that also encompassed the sale of property in Manati; however, the trustee said during a Wednesday hearing that he is no longer seeking approval of the procedures related to the property sale at this time, according to the filing.

Cromwell Capital, LLC is the stalking horse bidder for the equipment.

Under the approved bid procedures, the company's secured lender, Westernbank Puerto Rico, may credit bid at a Sept. 25 auction.

The sale hearing is scheduled for Oct. 2.

As previously reported, Inyx USA's official committee of unsecured creditors objected to the original bid procedures on the grounds that they favored Westernbank Puerto Rico.

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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