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A123 Sale Wins Court Approval
A federal bankruptcy judge has approved the sale of most of the assets of lithium-ion battery maker A123 Systems Inc. to China's Wanxiang Group for $257 million.
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A federal bankruptcy judge has approved the sale of most of the assets of lithium-ion battery maker A123 Systems Inc. to China's Wanxiang Group for $257 million.
The transaction includes A123's automotive unit (which supplies batteries for electric and hybrid vehicles), its electric grid business and a stake in a Chinese joint venture.
The judge also cleared the $2 million acquisition of A123's government business by Woodridge, Ill.-based Navitas Systems LLC. The buyer says it will maintain and invest in the unit's R&D center in Ann Arbor, Mich. Navitas provides energy systems and storage products to commercial and government customers.
The sale to Wanxiang still needs the approval of the U.S. Committee on Foreign Investment, a panel of nine federal agencies that reviews deals that could affect national security.
The U.S. Justice Dept. also claims veto rights on the transaction. A123 received $133 million of a $249 million grant from the U.S. Dept. of Energy. The company filed for bankruptcy in October.
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