Car Battery Co. Files Ch. 11 To Ease $125M Sale To JCI

Law360, Wilmington (October 16, 2012, 6:57 PM EDT) -- After failing to secure a $450 million lifeline from a Chinese firm, electric car battery maker A123 Systems Inc. filed for bankruptcy in Delaware on Tuesday to smooth the $125 million sale of its core business to Johnson Controls Inc.

A123 said in a statement that Johnson Controls will scoop up its automotive business assets, while its remaining smart grid and commercial segments have garnered interest from other potential buyers.

The Waltham, Mass.-based manufacturer of lithium ion phosphate batteries, which received a $249 million grant from...
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