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A123 Creditors to Get Partial Repayment
Bankrupt battery maker A123 Systems Inc. says its unsecured creditors will receive about two-thirds of the money owed them.
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Bankrupt battery maker A123 Systems Inc. says its unsecured creditors will receive about two-thirds of the money owed them.
Those creditors include A123's suppliers who will be paid nearly 66 cents per dollar owed them on their $18 million in claims.
Secured creditors will be paid in full, and shareholders get nothing.
Most of the money comes from the sale of A123's assets in a court-supervised auction. In late January, China's Wanxiang Group Corp. paid $257 million for the company's automotive unit (which supplies lithium-ion batteries for electric and hybrid vehicles), electric grid operations and a stake in a Chinese joint venture. Navitas Systems LLC bought A123's government business for $2 million.
The plan still needs approval from a federal bankruptcy judge and the company's creditors.
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