Taking our tax money with them natch!
Way to pick the losers Champ!!
Electric car battery maker A123 Systems files bankruptcy
By Dawn McCarty - Bloomberg.com
A123 Systems Inc. (AONE), a maker of
rechargeable lithium-ion batteries for electric cars, filed for
bankruptcy after failing to make a debt payment that was due
yesterday.
The company listed assets of $459.8 million and debt of
$376 million as of Aug. 31 in Chapter 11 documents filed today
in U.S. Bankruptcy Court in Wilmington, Delaware. Chapter 11 is
the section of the Bankruptcy Code used by companies to
reorganize.
A123 didn’t expect to be on time with an interest payment
due yesterday on $143.8 million of notes expiring in 2016, or to
make a payment due yesterday on $2.76 million in outstanding 6
percent notes, the Waltham, Massachusetts-based company said
yesterday in a regulatory filing.
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