Bankruptcy Court Allows Chinese Inroad Into Volt Battery Maker

Agent009 submitted on 11/7/2012 Auto Spies Photos Timestamp: 10:30:24 AM

Views : 4,606 | Category: Misc News | Source: | SOURCE: www.autonews.com

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A123 Systems Inc., the bankrupt maker of electric-car batteries that received a $249.1 million federal grant, won court approval to borrow $50 million from China's Wanxiang Group Corp.

U.S. Bankruptcy Judge Kevin Carey gave interim approval for the loan Monday in Wilmington, Del.

Wanxiang replaced Johnson Controls Inc. as the lender for A123's Chapter 11 case.

 


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Bankruptcy Court Allows Chinese Inroad Into Volt Battery Maker

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