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Chem Rx Corporation in Technical Violation of Three Financial Debt Covenants
Date:4/1/2009

LONG BEACH, N.Y., April 1 /PRNewswire-FirstCall/ -- Chem Rx Corporation (OTC Bulletin Board: CHRX, CHRXU, CHRXW) (the "Company"), a leading provider of institutional pharmacy services, announced today that it was in technical violation of three financial covenants under its two primary credit facilities as of December 31, 2008. Chem Rx continues to be current with all principal and interest payments (other than as to certain 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 by the Company. Chem Rx recorded certain charges in the fourth quarter of 2008, including an increase to the allowance for doubtful accounts, which contributed to the Company's inability to meet the debt covenants.

Jerry Silva, Chairman and Chief Executive Officer of Chem Rx, commented, "We are working very closely with our lenders to find a satisfactory solution that is in the best interest of all parties involved. We have made, and continue to make, all required payments of interest - other than as to certain default interest - and principal under the credit facilities. This has included scheduled principal payments of $500,000 per quarter as required under the credit facilities, including a scheduled payment made on March 31, 2009. Importantly, we believe that we have adequate working capital for the foreseeable future and that we are currently generating the cash we need to pay our operating obligations in a timely manner."

Steven Silva, President and Chief Operating Officer, added, "In the last year, in a very difficult economic environment, we improved our financial performance in some important respects, adopted certain key strategic initiatives and maintained our position as a leader within the institutional pharmacy industry. In light of this, we ar
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SOURCE Chem Rx Corporation
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