Generic Drug Maker Gets Chapter 11 OK

Law360, New York (July 17, 2006, 12:00 AM EDT) -- Able Laboratories, Inc., a former generic pharmaceutical developer, can follow through on its Chapter 11 plans after a bankruptcy judge in New Jersey signed off on its plan to pay off creditors and shutter its doors forever.

The company sold off its assets last year to India’s Sun Pharmaceutical Industries Ltd. to help pay off its creditors. Able will pay back unsecured creditors 27% on their claims with cash from the sale.

Judge Raymond T. Lyons of the U.S. Bankruptcy Court in Trenton, New Jersey gave...
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