Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: PROLIFE who wrote (679192)	10/16/2012 5:04:52 PM
From: joseffy	Read Replies (1) \| Respond to of 1573305

1-Battery maker A123 Systems files for bankruptcy Oct. 16, 2012 Oct 16 (Reuters) - A123 Systems Inc, a lithium-ion battery maker that received a $249 million grant from the U.S. government, filed for bankruptcy protection on Tuesday. The advanced car battery industry has been hurt by overcapacity amid weak U.S. demand for electric cars. A123 had promised to create 38,000 U.S. jobs, including 5,900 at its own plants, in return for the government funding under the 2009 American Recovery and Reinvestment Act's Electric Drive Vehicle Battery and Component Manufacturing Initiative. The company received a $465 million lifeline from Chinese auto-parts maker Wanxiang Group Corp earlier this year. [ID: nL4E8JG37H] A123 had said on Monday that it could default on some debt agreements and that it was considering strategic alternatives. A123 listed total assets of $459.8 million and liabilities of $376 million in its Chapter 11 petition. The case is In re:A123 Systems Inc, U.S. Bankruptcy Court, District of Delaware, No:12-12859. © 2012 Thomson Reuters.