Inyx USA Wins Reorganization Plan Approval

Law360, New York (March 12, 2010, 2:00 PM EST) -- A bankruptcy judge has signed off on pharmaceutical company Inyx USA Ltd.'s Chapter 11 plan now that it has reached a settlement with its litigious prepetition secured lender.

Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware on Thursday confirmed the plan in its entirety, ruling that it was fair and reasonable.

The plan, filed in January, will split an unknown amount of net litigation recoveries between the unsecured creditors, which will receive 40 percent, and sole prepetition secured lender Westernbank Puerto...
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