Battery Maker Files for Bankruptcy

YIKES

Updated Apr. 21, 2017 3:22PM ET / Published Oct. 17, 2012 7:07AM ET

Paul Sancya, File / AP Photo

Battery-maker A123 Systems filed for Chapter 11 bankruptcy protection on Tuesday, despite having received a $249 million grant from the U.S. government. The move was unexpected, especially since the company had been in talks for a rescue deal with Chinese auto-parts supplier Wanxiang Group for $465 million, although A123 said that deal had fallen through. The company has agreed to sell its automotive operations, including two facilities in Michigan, for $125 million to Johnson Controls Inc. Makers of lithium-ion batteries, A123 has been touted as part of the Obama administration’s green-energy initiatives.

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Battery Maker Files for Bankruptcy

Paul Sancya, File / AP Photo