Wanxiang Aims To Take Lead At A123 Bankruptcy Auction

Law360, Wilmington (November 1, 2012, 6:40 PM EDT) -- Chinese auto parts giant Wanxiang Group Corp. said Thursday that it wants to supplant Johnson Controls Inc. as the lead bidder in a bankruptcy auction for government-funded battery maker A123 Systems Inc.

In an objection filed in Delaware bankruptcy court, Wanxiang’s U.S. subsidiary said it not only can top Milwaukee-based Johnson Controls’ $125 million offer for A123’s electric car battery business, it is interested in some of the debtors’ other assets as well.

“Although the debtors have not yet engaged in negotiations with Wanxiang America over...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.