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Justice Dept. Claims Veto Rights on A123 Sale
The U.S. Dept. of Justice asserts that any bankruptcy sale of the assets of battery maker A123 Systems Inc. must protect the interests of the federal government, the Associated Press reports.
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The U.S. Dept. of Justice asserts that any bankruptcy sale of the assets of battery maker A123 Systems Inc. must protect the interests of the federal government, the Associated Press reports.
The U.S. Dept. of Energy gave A123 a $249 million grant in 2009. The company which makes lithium-ion batteries for electric vehicles, commercial grids and military use filed for Chapter 11 last month.
Justice Dept. lawyers told a Delaware bankruptcy judge that any sale would require federal consent, according to the AP. The court has scheduled a Dec. 6 auction of A123's assets.
The government says those assets include about $120 million of the DOE grant that was not disbursed, plus property and equipment purchased with government funds.
Any transaction also must be vetted by the U.S. Committee on Foreign Investment, a panel of nine federal agencies that scrutinizes deals that could affect national security. China's Wanxiang Group is among the bidders.
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