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Keyword: wanxianggroup

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  • Payouts to Bankrupt A123 Systems Likely to Continue

    11/19/2012 3:32:10 PM PST · by jazusamo · 7 replies
    National Legal & Policy Center ^ | November 19, 2012 | Paul Chesser
    A reply by stimulus recipient ($115 million of a $249 million grant paid out)A123 Systems to an inquiry by Republican Sens.Charles Grassley (Iowa) andJohn Thune (S.D.) showed theelectric vehicle battery manufacturer received nearly $1 million in Recovery Act funds on the day it declared bankruptcy. The money flow is not likely to stop. A123 as a whole, or in pieces, is going to be sold to the court-approved buyer(s). That is likely to be eitherJohnson Controls, which is the lead bidder for the company’s automotive business, or Wanxiang Group, which wants to buy the whole company. A123 had an agreement...