Judge Approves Bankruptcy Financing For A123

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.