January 31, 2013 by W.E. Ning
A US government panel has approved the purchase by China’s biggest auto parts maker, Wanxiang Group, of nearly all the assets of A123 Systems Inc, a Massachusetts-based maker of electric-car batteries that declared bankruptcy last year.
Ni Pin, president of the Chinese company’s US subsidiary, Wanxiang America, said company lawyers were working on final details of the $257 million deal at a court-supervised bankruptcy auction in December.
December 10, 2012 by Joey Wang
Bankrupt battery maker A123 Systems Inc. on Sunday said it will sell most of its assets to the U.S. arm of Chinese auto parts conglomerate Wanxiang Group Corp. for $256.6 million.
Wanxiang America Corp. won an auction conducted under the supervision of the U.S. Bankruptcy Court for the District of Delaware. A123’s government business will be sold separately, for $2.25 million, to Navitas Systems, of Woodridge, Ill.