What is in this article?:
- Bankrupt Battery Maker A123 Systems Agrees to Sell Assets to Johnson Controls
- Deal with Chinese Firm Scrapped
- Battery Boom or Bust?
- Republicans Outraged
- A123 Systems Inc. said it has agreed to sell its assets to Johnson Controls Inc. (IW 500/33) for $125 million.
- Waltham, Mass.-based A123, which reported a net loss of $258 million for full-year 2011, also said it has secured nearly $73 million in "debtor-in-possession" financing from Johnson Controls to keep its operations going during the sale process.
A123 Systems Inc., an MIT spinoff that received several hundred million dollars in federal and state grants to develop and manufacture its nanotechnology-based lithium-ion batteries, said it has agreed to sell its assets to Johnson Controls Inc. (IW 500/33) for $125 million.
"To facilitate the transaction process," A123 Systems said it has filed for Chapter 11 bankruptcy reorganization in the U.S. Bankruptcy Court for the District of Delaware.
Waltham, Mass.-based A123, which reported a net loss of $258 million for full-year 2011, also said it has secured nearly $73 million in "debtor-in-possession" financing from Johnson Controls to keep its operations going during the sale process.
