DUBLIN (Bloomberg) - Elan Corp., the Irish drugmaker whose accounting is being investigated by US regulators, will be able to complete its plan to pay down debt even if it doesn't sell any more units, the chairman said.

"There are still some assets that could potentially be sold based on pricing considerations and other market considerations," chairman Garo Armen said at the company's annual general meeting in Dublin. "Additional asset sales are not necessary for us to implement the rest of our recovery plan."

Elan has sold more than $1.7 billion of assets to pay debt and focus on drugs for pain, nervous system disorders and autoimmune diseases, as it tries to regain investor confidence after a probe into its accounting. It's ended about 40 of the 58 ventures it had with other drugmakers, cutting its spending on the projects to $10 million a year from $200 million.

Recently it emerged that the company risked defaulting on debt payments of $2 billion due accounting for research joint ventures it established in Bermuda.

The company formed partnerships, or special purpose entities, by investing in small drugmakers and biotechnology companies.

It then sold securities backed by the Elan Pharmaceutical Investment Ltd., or EPILs, which are based in Bermuda

In September, the Dublin-based company said it expected to raise another $400 million through asset sales by the end of this year. Its debt stood at about $2.3 billion. The company said it had cash of $973 million at the end of June.

Elan chief executive Kelly Martin said decisions on possible divestments will be made according to a number of factors including potential sales price and timing.

"Energy level is also a factor," he said. "We've been at the divestment process for 17 months, which is Herculean. I can tell you the people at Elan have done more transactions in that time than anyone at any bank."