.....Battery maker A123 files for bankruptcy protection Electric car battery maker A123 Systems files for bankruptcy protection, sells US assets Associated Press – 1 hour 6 minutes ago.
DETROIT (AP) -- The U.S. operations of electric car battery maker A123 Systems filed for bankruptcy protection and its automotive assets are being acquired by Johnson Controls for $125 million.
The announcement Tuesday comes one day after A123 warned in a regulatory filing that it likely would miss some debt payments and could be headed for bankruptcy court.
A123, based in Waltham, Mass., got a $249 million U.S. government grant to help it build a battery factory in Michigan.
The bankruptcy filings do not include A123's subsidiaries outside of the U.S. But those assets also will be sold.
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When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Energy Secretary Steven Chu to Attend Grand Opening of Recovery Act-Funded A123 Systems Battery Plant September 10, 2010 - 12:00am Addthis
Washington D.C. - This Monday, U.S. Energy Secretary Steven Chu will speak at the dedication ceremony for the largest lithium-ion automotive battery production facility in North America. Funded in part by $249 million from the Recovery Act, the A123 Systems battery plant is expected to create 3,000 jobs in Michigan by 2012 and help to establish the U.S. as a global leader in the manufacturing of electric vehicles. Following his speech, the Secretary will tour the production facility and participate in a media availability with elected officials and representatives from A123 Systems.
Later in the day, Secretary Chu will travel to the Idaho National Laboratory in Idaho Falls to speak to employees and hear from them about the important work they do in support of the Department's clean energy and energy security agenda.
“…a perfect example of what’s possible when the private sector, government and academia work together.” -- Energy Sec. Steven Chu at the A123 facility in Romulus, Michigan 2010
"Approval ratings go up and down for various reasons... An example is the high post 911 support for GWB even though he could be said to be responsible for the event." --- Box A Rox '9/11 Truther'
Melania is a bimbo... she is there to look at, not to listen to. --- Box A Rox and his 'War on Women'
Anyone know exactly the total of 'our money' that has been pi$$ed away via bankruptcy?
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
"While Foreign Terrorists were plotting to murder and maim using homemade bombs in Boston, Democrap officials in Washington DC, Albany and here were busy watching ME and other law abiding American Citizens who are gun owners and taxpayers, in an effort to blame the nation's lack of security on US so that they could have a political scapegoat."
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