A123 Wins Final OK For $50M DIP Loan From Wanxiang

Law360, Wilmington (November 26, 2012, 8:31 PM EST) -- A123 Systems Inc. won final approval Monday for a $50 million bankruptcy loan from Chinese auto parts giant Wanxiang Group Corp., one of several suitors vying for a piece of the government-funded battery maker at an upcoming auction.

At a court hearing in Wilmington, Del., U.S. Bankruptcy Judge Kevin J. Carey approved the debtor-in-possession financing package after A123 resolved a minor objection from Southern California Edison Co. concerning equipment at a wind energy storage project that the utility is working on with A123.

A123 CEO Dave...
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