Detroit Free Press: Judge's approval moves A123 bankruptcy sale closer to completion

By Ben Freed Business Reporter

Posted on Wed, Dec 12, 2012 : 2:32 p.m.

The Detroit Free Press reports the vast majority of bankrupt battery maker A123 Systems’ assets likely will be sold to Chinese auto parts company Wanxiang for $256.6 million after U.S. Bankruptcy Court judge Kevin Carey approved the bid Tuesday.

AP Photo/Paul Sancya

According to the report, the sale still hinges on approval by the Committee for Foreign Investment in the U.S. The Massachusetts-based company entered bankruptcy proceedings in October after receiving more than $100 million in government grants.

Navitas Systems, an Illinois-based company, is purchasing the company’s defense-related assets including its Ann Arbor office. Wanxiang would take over plants in Livonia and Romulus.

Click here to read the full report from the Detroit Free Press.

Tags: A123 Systems, Bankrutpcy,

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Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at benfreed@annarbor.com. Follow him on twitter @BFreedinA2