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: News Corp. to buy Move Inc. for about $950 million

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

Microsoft to tap $2-trillion Indian cloud market

3 hours ago

Microsoft announced plans Tuesday to offer its commercial cloud services from Indian data centres as it seeks to tap what it calls a $2-trillion market in the country where Internet use is growing rapidly.

Canada demands Google, Netflix data, sets deadline

8 hours ago

Canada's broadcast regulator on Monday gave American companies Google and Netflix a three-day deadline to turn over subscriber data or have their testimony expunged from a major public hearing, media reported.

User comments : 0