A123 Systems (AONE) Updates on DIP Agreement; Total Outstanding Obligations at $22.5M
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October 16, 2012 9:33 AM EDT
A123 Systems, Inc. (Nasdaq: AONE) said that itself and all of its U.S. subsidiaries today filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
Headlines about the filing hit the wires earlier.... More
October 16, 2012 9:28 AM EDT
A123 Systems, Inc. (Nasdaq: AONE) has entered into an asset purchase agreement with Johnson Controls, Inc. (NYSE: JCI) in a transaction valued at $125 million. Under the terms of the agreement, Johnson Controls plans to acquire A123's automotive business assets, including all of its automotive technology, products and customer contracts; its facilities in Livonia and Romulus, Michigan; its cathode powder manufacturing facilities in China, and A123's equity interest in Shanghai Advanced Traction Battery Systems Co., A123's joint venture with Shanghai Automotive. The asset purchase... More
October 15, 2012 5:29 PM EDT
On October 12, 2012, A123 Systems, Inc. (Nasdaq: AONE) entered into a consent and waiver agreement (the First Loan Consent and Waiver Agreement) with Wanxiang America Corporation (the Lender), the lender and agent under the Companys $75 million Loan Agreement (the Loan Agreement).
Under the First Loan Consent and Waiver Agreement, the Lender waived the Event of Default (as defined in the Loan Agreement) that would result from the failure by the Company to make an interest payment in an amount equal to $2,695,312.50 due on October 15, 2012 with respect to the 3.75% convertible subordinated notes due 2016 issued by the... More
