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CNBC reported a Chinese company will provide bankruptcy financing for battery maker A123 Systems (NASDAQ:AONE) after a Delaware judge approved the move.
CNBC reported a Chinese company will provide bankruptcy financing for battery maker A123 Systems (NASDAQ:AONE) after a Delaware judge approved the move.
As quoted in the market news:
The judge gave interim approval Monday for Wanxiang (wang-SHIN) Group to provide $50 million in financing to A123, which filed for bankruptcy protection last month.
A123 had said Milwaukee-based auto-parts maker Johnson Controls Inc. had agreed to buy its automotive assets for $125 million. JCI, however, ceded the role bankruptcy lender role to Wanxiang, which also is interested in bidding for A123′s assets.
Click here to read the full CNBC report.