Innovex Files Rehabilitation Petition

Innovex, Inc. announced that its subsidiary, Innovex (Thailand) Limited has filed a rehabilitation petition under Thailand law.

The petition, which was dated and filed on March 30, 2010, was formally accepted by the Thai Court on April 2, 2010. In the petition, Innovex Thailand has requested for its business to be reorganized under the Bankruptcy Act in Thailand which allows for the continuation of its operations while the existing debts with all existing creditors are properly restructured. The decision from the Thai Court on acceptance and approval to reorganize the business in accordance with the petition is expected to be provided in June 2010. The petition filing pertains to the restructuring plans of the Company’s subsidiary, Innovex Thailand, and it does not extent to cover its parent, Innovex, Inc.

Additionally, as previously announced by the Company on January 6, 2010, the Company entered into an agreement with Standard Chartered Bank (Hong Kong) Limited to restructure its capital structure, wherein SCB will purchase all of the Company’s outstanding bank debt, approximately $55 million, from Bank of Ayudhya Public Company Limited and TMB Bank Public Company Limited, at a discount from the total value outstanding and will also provide the Company with additional working capital. Currently, the process is still ongoing pending internal approvals within SCB, reaching acceptable agreements with the Company’s current banks on the final purchase price and arrangements or settlements with the Company’s other creditors.