After a long and bumpy road, battery-producer A123 Systems has officially filed for bankruptcy. This news comes immediately after word that the Waltham, Massachusetts-based company may not have enough cash to fund operations, or even seek bankruptcy protection. This news has ramifications elsewhere in the industry, as A123 had contracts with Fisker Automotive as well as with BMW. In a press release issued this morning, A123 announced that it will sell off all automotive assets to Johnson Controls. A123 will file Chapter 11, while Johnson Controls will provide $72.5 million in debtor-in-possession financing.
Autoblog , Battery maker A123 systems defaults on loan, files for bankruptcy, Battery maker A123 systems defaults on loan, files for bankruptcy
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