A123 Systems gets court approval for assets sale to Wanxiang
Dec 12, 2012 - US lithium ion batteries maker A123 Systems Inc, which filed for bankruptcy in October, said Tuesday it had received bankruptcy court approval to sell almost all of its assets to Wanxiang America Corp, a US unit of Chinese automotive components maker Wanxiang Group.
The US Bankruptcy Court for the District of Delaware has also approved the sale of A123's government business to Illinois-based Navitas Systems.
A123, whose products are also used to ensure grid stability as renewable power generation globally is growing, said Sunday it had agreed to sell substantially all of its assets to Wanxiang for USD 256.6 million (EUR 197.1m). The deal is still subject to approval from the Committee for Foreign Investment in the US.
A123's government business, including all US military contracts, is to be acquired by Navitas Systems for USD 2.25 million.