Chinese Co.'s $275M Bid For Bankrupt A123 Gets Judge's Nod

Law360, Wilmington (December 11, 2012, 8:22 PM EST) -- Government-funded battery maker A123 Systems Inc. won bankruptcy court approval Tuesday to sell its assets to Chinese auto parts giant Wanxiang Group Corp. for $256.6 million, leaving only U.S. regulators standing in the way of the controversial acquisition.

At a hearing in Wilmington, Del., U.S. Bankruptcy Judge Kevin J. Carey signed off on the deal after the Chinese company beat out a combined $249 million bid from Johnson Controls Inc. and Japan’s NEC Corp. at an auction over the weekend.

The deal still needs the approval...
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