|
Post by goarmy on Dec 10, 2012 16:28:57 GMT -5
A123 (AONEQ) first announced in October that it had filed for bankruptcy. The same day, the company said it had entered into a $125 million deal for the sale of its automotive assets to Johnson Controls. As part of the deal, Johnson Controls (JCI, Fortune 500) agreed to provide A123 the funding it needed to operate during bankruptcy reorganization. But Wanxiang went to federal bankruptcy court in Delaware, arguing it had a better offer for A123 already on the table, and seeking to be the one to provide bankruptcy financing to A123. Johnson Controls announced Sunday that it was withdrawing its bid for A123. "While A123's automotive and government assets were complementary to Johnson Controls' portfolio and aligned with our long-term goals, Wanxiang's offer was beyond the value of those assets to Johnson Controls," said Alex Molinaroli, president of Johnson Controls' power solutions unit. money.cnn.com/2012/12/10/news/wanxiang-a123-auction/index.htmlI didn't know this could be done. Comments??
|
|