ChrisGarrett
Flashlight Enthusiast
http://bottomline.nbcnews.com/_news...ry-maker-files-for-bankruptcy?lite&ocid=msnhp
"By Deepa Seetharaman and Ayesha Rascoe , Reuters
A123 Systems, which had received a $249 million grant from the U.S. government, filed for Chapter 11 bankruptcy protection on Tuesday, giving Republicans fresh ammunition to attack the Obama administration's subsidies for green energy.
The filing came after the lithium-ion battery maker's $465 million rescue deal with Chinese auto parts supplier Wanxiang Group collapsed, hobbled by "unanticipated and significant challenges," A123 said on its website.
A123 has agreed to sell its automotive operations, including two factories in Michigan, for $125 million to Johnson Controls Inc, a leading battery supplier and another recipient of federal green subsidies."
Chris
"By Deepa Seetharaman and Ayesha Rascoe , Reuters
A123 Systems, which had received a $249 million grant from the U.S. government, filed for Chapter 11 bankruptcy protection on Tuesday, giving Republicans fresh ammunition to attack the Obama administration's subsidies for green energy.
The filing came after the lithium-ion battery maker's $465 million rescue deal with Chinese auto parts supplier Wanxiang Group collapsed, hobbled by "unanticipated and significant challenges," A123 said on its website.
A123 has agreed to sell its automotive operations, including two factories in Michigan, for $125 million to Johnson Controls Inc, a leading battery supplier and another recipient of federal green subsidies."
Chris