Bankrupt A123 Cleared To Auction Assets As Interest Mounts

Law360, Wilmington (November 8, 2012, 3:10 PM EST) -- The list of bidders angling for a piece of bankrupt A123 Systems Inc. grew Thursday as the government-funded battery maker won court approval of the ground rules for an asset auction to be held next month.

At a court hearing in Delaware, U.S. Bankruptcy Judge Kevin J. Carey approved the bidding procedures and set an auction for Dec. 6, with Milwaukee-based Johnson Controls Inc. cleared to submit an initial bid of $125 million for A123’s core electric car battery business.

But Chinese auto parts giant Wanxiang...
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