Chinese Firm Renews Pursuit Of Bankrupt Battery Co. A123

Law360, Wilmington (October 18, 2012, 7:16 PM EDT) -- Chinese auto parts giant Wanxiang Group Corp. made clear in Delaware bankruptcy court Thursday that it is still in the running to acquire A123 Systems Inc., jostling with another suitor, Johnson Controls Inc., to provide debtor financing to the electric car battery maker.

A123, which received a $249 million grant from the Obama administration, filed for bankruptcy Tuesday after a $450 million lifeline extended by Wanxiang in return for an 80 percent stake in the company fell through. The scuttled deal sent A123 into the arms...
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