Able Laboratories, Inc. Enters into Asset Purchase Agreement and Receives Court Approval to Commence Auction Procedures
26 Octubre 2005 - 12:31PM
Business Wire
Able Laboratories, Inc. (NASDAQ: ABRXQ) announced that it had
entered into an asset purchase agreement with Aurobindo Pharma USA,
Inc. for the company to sell substantially all of its assets to
Aurobindo and for Aurobindo to assume the company's unexpired lease
for its premises located at 1 Able Drive, Cranbury, New Jersey and
a limited number of its executory contracts. The agreement
contemplates the company's commencing an auction of its assets. The
company also announced that, on October 21, 2005, the US Bankruptcy
Court for the District of New Jersey, Trenton Division, approved
the company's motion, among other things, to approve auction
procedures for the company to solicit higher and better bids than
the bid reflected in the Aurobindo agreement. Bids under the
auction are due by the close of business on October 28, 2005. The
court scheduled a final hearing to consider the approval of the
company's sale of its assets and the assumption and assignment of
contracts under sections 363 and 365 of the Bankruptcy Code for
November 7, 2005. Further information on the company may be found
on the company's web site, www.ablelabs.com. This release contains
statements that are forward-looking within the meaning of
applicable federal securities laws and are based upon the company's
current expectations and assumptions. You should not place undue
reliance on those statements because they speak only as of the date
of this release. Forward-looking statements include information
concerning the company's future operations, if any. These
statements often include words such as "expect," "plan," "believe,"
"anticipate," "intend," "estimate" or similar expressions. As you
read and consider this release, you should understand that these
statements are not guarantees of performance or results. They
involve risks, uncertainties and assumptions. Although the company
believes that these forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could
affect actual results, which could differ materially from the
forward-looking statements. These factors include, but are not
limited to, uncertainty regarding the company's ability to
consummate a sale of its assets in a timely manner and to develop
and consummate one or more plans of reorganization; uncertainty
regarding court approval of the motions made by the company from
time to time; risks associated with third parties seeking and
obtaining court approval to terminate or shorten the exclusivity
period for the company to propose and confirm one or more plans of
reorganization or to appoint a chapter 11 trustee or convert the
bankruptcy case to a chapter 7 case; the company's ability to
continue as a going concern; the ultimate effect on the company of
the pending inspectional observations from the FDA to the company;
and the uncertainty relating to the ability of the company to
recommence manufacturing operations, if any, and various other
factors beyond the company's control. All future written and oral
forward-looking statements made by the company or persons acting on
the company's behalf are expressly qualified in their entirety by
the cautionary statements contained or referred to above. Except
for the company's ongoing obligations to disclose material
information as required by the federal securities laws, we do not
have any obligation or intention to release publicly any revisions
to any forward-looking statements to reflect events or
circumstances in the future or to reflect the occurrence of
unanticipated events.
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