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Fisker Settles Claims with A123
The creditors committee of bankrupt battery maker A123 Systems Inc. has reached an agreement with Fisker Automotive Inc. to pay the ailing hybrid carmaker $15 million to settle its $140 million in claims, Bloomberg News reports.
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The creditors committee of bankrupt battery maker A123 Systems Inc. has reached an agreement with Fisker Automotive Inc. to pay the ailing hybrid carmaker $15 million to settle its $140 million in claims, Bloomberg News reports.
The news service, which cites bankruptcy court documents, says Fisker was seeking $49 million for breach of warranty and $91 million for damages related to A123's failure to fulfill its contract to supply lithium-ion batteries. The Waltham, Mass.-based company filed for Chapter 11 protection last October.
The payment to Fisker will be made by B456 Systems, or "Old A123." That entity is liquidating the assets A123 left behind in bankruptcy and settling the company's remaining obligations. News media have noted that B456 also is the name of a fire extinguisher made by Amerex Corp. than can be used to put out electrical fires.
Wanxiang Group Corp., which bought most of the firm's assets in late January for $257 million, has renamed the ongoing business A123 Systems LLC.
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