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Author Topic: A123 files for bankruptcy!  (Read 1293 times)

wainair

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A123 files for bankruptcy!
« on: October 18, 2012, 07:14:02 AM »


I was quite surprised to read this today.  :o

http://www.forbes.com/sites/martinlamonica/2012/10/16/a123-bankruptcy-is-a-complete-sell-off-next/

Though in the long run this may be good news too with Johnson Controls stepping up to the plate. They are a hugely successful company that has a long history! It is definitely good news that they are not being sold to China.  The Chinese are buying up companies like crazy, before long the Chinese will rule the world economically, which some think they already do.
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Richard230

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Re: A123 files for bankruptcy!
« Reply #1 on: May 22, 2013, 03:08:34 AM »

According to an interesting article in the financial section of my newspaper today, A123 Systems has resolved most of the outstanding issues of their bankruptcy filing. The company's assets are being sold to the "U.S. arm of Chinese auto parts conglomerate Wanxiang Group for nearly $257 million".  If I read the article correctly, the battery arm of this company will be called B456 Systems, which is based in Waltham, Mass. 

An interesting sidelight is that the U.S. auto parts maker, Johnson Controls, Inc. was a bad boy as they apparently tried to "torpedo" A123 Systems sale to Wanxiang by lobbing the creditors to get them to kill the deal, after losing out to the Chinese company during the bidding process. Because of this bad behavior, Johnson Controls has agreed to pay $200,000 to the bankruptcy estate and in return the creditors committee will drop any claims against JCI.  Sounds like fun and games.   ::)

So it appears that if you want new versions of A123 batteries you will be buying them from B456 Systems.
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benswing

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Re: A123 files for bankruptcy!
« Reply #2 on: May 22, 2013, 08:40:38 PM »

Apparently B456 is the name of a fire extinguisher and some news outlets have been having fun making this parallel.

https://fireextinguisherdepot.com/fire-extinguishers-1/abc-fire-extinguishers-1/amerex-b456-abc-fire-extinguisher-10-lb-rechargeable-ul-rating-4a-40b-c.html
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Richard230

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Re: A123 files for bankruptcy!
« Reply #3 on: May 22, 2013, 08:43:39 PM »

I think I get the connection.   ;)  Hello Boeing.  Do I have some batteries for you.   ;D
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wainair

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A123 files for bankruptcy!
« Reply #4 on: May 22, 2013, 09:39:14 PM »

I did read recently that A123 has finished its restructuring and is going to continue to operate in the US as before. It will operate as a division of its parent company and won't be closed down and exported to China, which is a relief.
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