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: BlackBerry courts iPhone users with cash

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

BlackBerry courts iPhone users with cash

17 hours ago

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

18 hours ago

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

Apple market value hits $700 bn

Nov 25, 2014

A rise in Apple shares Tuesday pushed the market value of the trend-setting US tech icon above $700 billion, becoming the first company to hit that milestone.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.