A123 bankruptcy financing gets final approval

Nov 26, 2012 by Randall Chase

(AP)—A Delaware judge is giving final approval for Chinese auto-parts maker Wangxiang Group to provide $50 million in bankruptcy financing for battery maker A123 Systems.

A123, which makes lithium ion batteries for electric cars, sought last month after receiving more than $130 million of a $249 million Department of Energy grant it was awarded.

Milwaukee-based auto-parts maker Johnson Controls Inc. has offered $125 million for the automotive assets of Waltham, Mass.-based A123, which Wangxiang also is eyeing. Bids are due Dec. 4.

A123's chief financial officer told an attorney for the U.S. bankruptcy trustee before Monday's hearing that the company has not received any other bids, but that other parties have expressed interest in the company's non-automotive assets. A123 also makes batteries for commercial and grid .

Explore further: Record labels sue Pandora over older songs

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Details of new type of electric car battery released

May 27, 2011

(PhysOrg.com) -- After being spun off from parent company A123 Systems last year; the new offspring, 24M has published a paper in Advanced Energy Materials, ending months of speculation about what it has be ...

GM's electric Spark: It's all about the batteries

Aug 21, 2012

Around this time next year, General Motors will unveil its first all-electric car since the EV-1. It's a battery version of the Spark mini-car that's hitting the showrooms now. In both gas and electric versions, ...

Power grid chief touts electric-car payback

Sep 25, 2009

U.S. power grid chief Jon Wellinghoff is touting the long-term cost savings of electric cars, saying the vehicles could earn $1,500 a year in paybacks for their owners when their batteries are connected to the power grid.

Recommended for you

Weibo IPO below expectations, raises $285.6 mn

22 hours ago

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street.

'Chief Yahoo' David Filo returns to board

23 hours ago

Yahoo announced the nomination of three new board members, including company co-founder David Filo, who earned the nickname and formal job title of "Chief Yahoo."

Fired Yahoo exec gets $58M for 15 months of work

23 hours ago

Yahoo's recently fired chief operating officer, Henrique de Castro, left the Internet company with a severance package of $58 million even though he lasted just 15 months on the job.

User comments : 0

More news stories

Hackathon team's GoogolPlex gives Siri extra powers

(Phys.org) —Four freshmen at the University of Pennsylvania have taken Apple's personal assistant Siri to behave as a graduate-level executive assistant which, when asked, is capable of adjusting the temperature ...

Better thermal-imaging lens from waste sulfur

Sulfur left over from refining fossil fuels can be transformed into cheap, lightweight, plastic lenses for infrared devices, including night-vision goggles, a University of Arizona-led international team ...

Chronic inflammation linked to 'high-grade' prostate cancer

Men who show signs of chronic inflammation in non-cancerous prostate tissue may have nearly twice the risk of actually having prostate cancer than those with no inflammation, according to results of a new study led by researchers ...