CRANBURY, N.J.--(BUSINESS WIRE)--Dec. 23, 2005--Able Laboratories, Inc. today announced that it had sold substantially all its assets to Sun Pharmaceutical Industries, Inc., a subsidiary of Sun Pharmaceutical Industries Limited. In connection with the sale, Sun assumed Able's lease at its premises located in Cranbury, New Jersey and purchased Able's premises at 6 Hollywood Court, South Plainfield, New Jersey. Sun also assumed a limited number of the company's contracts. Able was represented in the transactions by its Director of Restructuring, Richard M. Shepperd.
Under the bankruptcy court order permitting the sale, Able paid cure amounts for contracts that were assumed and assigned, reserved amounts listed in the order and made other permitted payments. It is expected that the remainder of the proceeds will be used to pay, among other things, administrative expenses and other creditor claims. Able currently plans to prepare and file a plan for distribution of its assets and the treatment of claims with the bankruptcy court within the next 45 days.
