Detroit-based battery developer and manufacturer A123 Systems announced today that it filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in Delaware.
A123 Systems, which had received $249 million in federal grants as part of the stimulus bill (having used $129 million to date), said that the petitions, which do not include its overseas subsidiaries, were made so that they can facilitate the sale of its automotive business assets to Johnson Controls Inc. (JCI).
Post a Comment