US Clears Chinese Co.'s $257M Bid For Bankrupt A123

Law360, Wilmington (January 29, 2013, 1:12 PM ET) -- A U.S. Treasury Department committee has approved Chinese auto parts giant Wanxiang Group Corp.’s $256.6 million purchase of bankrupt battery maker A123 Systems Inc., Wanxiang said Tuesday.

The deal — which was cleared by a Delaware bankruptcy judge last month — has received final approval from Treasury’s Committee on Foreign Investment in the United States, the Chinese company's U.S. unit said in a statement.

"The future is bright for A123," said Pin Ni, President of Wanxiang America, which is based in Elgin, Ill.  "It is a...
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