Johnson Controls Appeals A123's $256M Bankruptcy Sale

Law360, New York (December 17, 2012, 5:10 PM EST) -- Johnson Controls Inc. on Monday appealed a Delaware bankruptcy court's approval of Wanxiang Group Corp.'s $256.6 million winning bid for the government-funded battery maker A123 Systems Inc., saying it's entitled to a $5.5 million stalking horse breakup fee currently held in escrow.

Johnson said in a statement and in court records that it was appealing U.S. Bankruptcy Judge Kevin J. Carey’s order approving the Wanxiang sale, specifically the order placing the breakup funds in escrow after creditors said Johnson was actively lobbying against the sale....
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