A123 Systems (AONE) May Appeal Bankruptcy Judge to Auction Lithium-Ion Battery Unit (JCI)
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October 23, 2012 8:30 AM EDT
A123 Systems (Nasdaq: AONE) shares are volatile once again Tuesday following an update to its bankruptcy and sale process.
According to Bloomberg data, A123 filed papers on October 19th seeking retention and incentive bonus programs for execs, along with a severance plan for about 940 current... More
October 19, 2012 9:13 AM EDT
A123 Systems, Inc. (Nasdaq: AONE) announced that yesterday the United States Bankruptcy Court for the District of Delaware (the "Court") granted the Company's request for certain "first day" orders that help support its business.
The Court granted A123 interim approval to use $15.5 million of its $72.5 million Debtor-in Possession ("DIP") financing from Johnson Controls, Inc. (NYSE: JCI) ("Johnson Controls") to support the Company's operations throughout... More
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
