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Chem Rx Corporation Enters Short-Term Forbearance Agreements With Lenders
Date:5/1/2009

LONG BEACH, N.Y., May 1 /PRNewswire-FirstCall/ -- Chem Rx Corporation (OTC Bulletin Board: CHRXE, CHRXU, CHRXW), a leading provider of institutional pharmacy services, today announced that it has signed 45-day forbearance agreements with the requisite lenders under its two primary credit facilities. Per the agreements, lenders under the two credit facilities forebear from exercising certain rights and remedies until June 15, 2009. The Company intends to use the forbearance period to continue to negotiate appropriate waivers or amendments to its credit facilities with the lenders.

As previously announced, the Company was in technical violation of three financial covenants under its credit facilities and has not paid its default interest. The covenants require the Company to maintain specified ratios of earnings before interest, taxes, depreciation and amortization (EBITDA) to fixed charges and total debt, and restrict the amount of capital expenditures. The lenders have agreed to forbear from exercising their remedies based on these defaults and any potential defaults related thereto. Chem Rx has not filed its Form 10-K for the year ended December 31, 2008 and the Company expects that it will not file its Form 10-Q due May 15, 2009. Chem Rx intends to file all required forms to the SEC in a timely manner following resolution on the credit facilities.

Jerry Silva, Chairman and Chief Executive Officer, commented, "The agreements signed today provide all parties involved with additional flexibility as we work together to resolve the defaults. Specifically, the 45-day forbearance gives our lenders adequate time to complete their reviews. During this time, we intend to continue active discussions with the lenders and their advisors. We remain committed to reaching a satisfactory solution that is in the best interest of all involved parties."

Gary Jacobs, Chief Financial Officer, added, "We continue to make
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SOURCE Chem Rx Corporation
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