A123 Systems to Receive $50 Million in Bankruptcy Financing

Bloomberg Businessweek reported that after receiving final approval from a Delaware-based judge, lithium-ion battery maker A123 Systems Inc. (OTC Pink:AONEQ) will receive $50 million in bankruptcy financing from Wangxiang Group, a Chinese auto-parts manufacturer.

As quoted in the press release:

A123 … sought bankruptcy protection last month after receiving more than $130 million of a $249 million Department of Energy grant it was awarded.

Milwaukee-based auto-parts maker Johnson Controls Inc. has offered $125 million for the automotive assets of Waltham, Mass.-based A123, which Wangxiang also is eyeing. Bids are due Dec. 4.

Click here to read the full Bloomberg Businessweek report.