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Green Car Congress: Johnson Controls acts to facilitate A123 bankruptcy process, avoid delays by threatened actions from Wanxiang
Friday, November 2, 2012 3:51
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In collaboration with A123 Systems, Johnson Controls has chosen not to be the debtor-in-possession (DIP) lender during A123’s bankruptcy process to avoid potential delays posed by threatened legal actions from Wanxiang. (Earlier post.) The parties believe this move is in the best interest of the estate by ensuring an efficient process that will best preserve value for creditors, employees and customers.
Pinboard (MacAaron)
Related posts:
- A123 Systems veers from Wanxiang to Johnson Controls and bankruptcy
- Green Car Congress: Johnson Controls to acquire automotive assets of Li-ion maker A123 Systems for $125M; A123 and US subsidiaries file for Chapter 11 bankruptcy
- Green Car Congress: A123 says it will be in default on debt payments; 30-day grace period; bankruptcy an option
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2012-11-02 03:27:25
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