Ex-Generic Drug Maker Files Chapter 11 Plan

Law360, New York (February 28, 2006, 12:00 AM EST) -- Able Laboratories Inc., the former pharmaceutical developer that sold off its assets to India's Sun Pharmaceutical Industries Ltd. last year, is pursuing a Chapter 11 plan designed to pay back unsecured creditors roughly 27% on their claims.

Unsecured creditors had filed $396 million in claims against Able Laboratories, but the company said that it will probably object to approximately 111 claims which total nearly $362 million.

The former generic drug producer, which received about $23.2 million resulting from an asset transaction, will attempt to pay back...
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