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| -Election 2012 |
| A123 Files For Bankruptcy |
| 2012-10-17 |
| A123 Systems has filed for bankruptcy protection in federal court in Wilmington, Delaware, Bloomberg reports. Late yesterday, the battery company had warned that it was about to default on several loan issues, noting that a bankruptcy filing was a possibility; but it still seems startling to see them file just hours later. A123 makes rechargeable lithium-ion batteries for electric cars. The company has been hurt by the slow development of the electric car market. DonÂ’t be surprised to see this turn into a Solyndra-style political football; A123 had received $249 million in grants from the U.S. Department of Energy. A123 this morning is down 14 cents, or 57.9%, to 10 cents. |
| Posted by:Beavis |
| #4 That doesn't get back any of the taxpayer's money though. Unless a total economic miscalculation, bankruptcy only destroys debt. The assets merely change ownership. |
| Posted by: Bright Pebbles 2012-10-17 15:49 |
| #3 A123 Electric Car Battery Plants Saved From Bankruptcy By Auto-Parts Maker Despite filing for bankruptcy protection yesterday(Oct 17 2012), lithium-ion battery firm A123 Systems has said the factories where it makes electric car battery cells will be saved, thanks to a $125 million deal with automotive parts maker Johnson Controls. Already a huge Tier One global automotive parts supplier, Johnson Controls sells around 120 million lead-acid starter batteries a year to the automotive industry, as well as everything from instrument panels and information displays to headliners and floor consoles. The purchase of A123 SystemsÂ’ automotive business by Johnson Controls will not only give the auto-parts maker the chance to build and sell lithium-ion batteries to automakers, but hopes to safeguard two of A123 SystemÂ’s battery facilities in the U.S. |
| Posted by: Spavish Prince of the Gepids2436 2012-10-17 12:55 |
| #2 How much did they contribute to Obama's campaign? |
| Posted by: Ebbang Uluque6305 2012-10-17 12:16 |
| #1 Another one bites the dust Another one bites the dust And another one gone, and another one gone Another one bites the dust Hey, I'm gonna get you too Another one bites the dust How do you think I'm going to get along, without you, when you're gone You took me for everything that I had, and kicked me out on my own Are you happy, are you satisfied How long can you stand the heat--Queen |
| Posted by: JohnQC 2012-10-17 10:33 |