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JCI Seeks Breakup Fees in A123 Bankruptcy Sale
Johnson Controls Inc., the jilted bidder in a last week's auction of the assets of bankrupt battery maker A123 Systems Inc., has filed an appeal in federal bankruptcy court.
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Johnson Controls Inc., the jilted bidder in a last week's auction of the assets of bankrupt battery maker A123 Systems Inc., has filed an appeal in federal bankruptcy court.
Milwaukee-based JCI claims it is owed a $5.5 million in break-up fees and auction-related expenses. A bankruptcy judge has put that amount in escrow.
China's Wanxiang Group won the auction by offering $257 million for most of A123's assets. That price reported topped JCI's joint bid with Japan's NEC Corp. by $5 million.
A123 entered bankruptcy in mid-October with JCI's agreement to pay $125 million its automotive unit, which makes lithium-ion batteries for electric and hybrid vehicles. That offer was meant as a "stalking horse" to attract other bids for the court-supervised auction.
The pact with A123 promised JCI the breakup fee and expenses if its bid didn't win.
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