Johnson Controls isn't taking the bankruptcy sale of A123 Systems to the Chinese company Wanxiang lying down. Wanxiang won the bankruptcy court sale for $256 million on December 11 and, today, Johnson Controls has filed an appeal against the sale because it "objects to delay in payment of break-up fee and expense reimbursement."
The pending production schedule for the Fisker Karma is pretty much at the mercy of US regulators, as the California-based maker of the extended-range plug-in won't start things up again until the ownership issue of bankrupt battery-maker A123 Systems is settled, Automotive News reports.
Bankrupt lithium-ion battery maker A123 Systems may have gained a new owner, but will lose a lot of money in the pending sale to China-based Wanxiang Group, Reuters reports, citing an unidentified US Energy Department official.
And in the "one hand didn't know what the other hand was doing" department, we have this. Lithium-ion battery-pack maker A123 Systems received almost $1 million in federal funding the day it filed for bankruptcy, Reuters reports, citing a letter the company sent to Republican Senators John Thune and Chuck Grassley.
Let the bidding begin. In a few weeks, of course.
Lithium-ion battery maker A123 Systems continues to be a source of drama and intrigue, from bankruptcy and court filings to investor relations and national security.
A123 System's bankruptcy created a quite a stir in the plug-in vehicle industry. Now, Fisker is asking the judge that the bankruptcy auction be delayed by a minimum of 30 days so that creditors' value "may be realized through higher and better offers." Fisker is involved in A123 because the ba
Something interesting happened after A123 Systems filed for bankruptcy last week: the plug-in vehicle industry circled the wagons. AutoblogGreen received press releases and statements from a variety of electric vehicle (EV) players that, when taken as a whole, seem to indicate this particular bankruptcy filing hit a little closer to home than when, say, Sebastian Blanco
After a long and bumpy road, battery-producer A123 Systems has officially filed for bankruptcy. This news comes immediately after word that the Waltham, Massachusetts-based company may not have enough cash to fund operations, or even seek bankruptcy protection. This news has ramifications elsewhere in the industry, as A123 had contracts with George Kennedy
Let's start the day off with some less-than-encouraging news for anyone who's been rooting for A123 Systems: bankruptcy may be just around the corner.
Paranoia or well-founded fears?
A message to Bob Lutz, former General Motors vice chairman, and proponent of the Chevrolet Volt and Via Motors' plug-in electric vehicles. Regarding your guest column in Forbes lambasting the federal government for grantin
If you're lithium-ion battery maker A123 Systems and have been through the public image ringer with the Fisker Karma battery pack recalls and an explosion at General Motors' Warren Tech Center<
According to a report from Reuters, lithium ion battery maker A123 Systems is dangerously low on cash. The company filed a report just before the weekend with the U.S. Securities and Exchange Commission indicating that it "expects to have approximately four to five months of cash to support its ongoing operations."
What does "Nanophosphate EXT" sound like to you? If you're David Vieau, the CEO of A123 Systems, releasing a PR statement, it's "a game-changing breakthrough that overcomes one of the key limitations of lead acid, standard lithium ion and other advanced batteries." If you're Vieau talking to the New York Times, it's "a hedge against the market for electric vehicles."
A123 Systems may have expressed doubt in its ability to continue as a going concern in a recent financial filing, but that doesn't mean the company has given up. Indeed, due to increases in its power-grid and commercial transportation portfolios, it has announced it will be hiring an additional 400 workers over the next few months to boost
Is electric-vehicle battery maker A123 Systems running out of juice?
In early January, Fisker Automotive said that the majority of the 239 Fisker Karmas that had been recalled had been fixed. Now it's time to put an asterisk on that statement.
