Battery maker A123 files for bankruptcy protection

DETROIT (AP) - The U.S. operations of electric car battery maker A123 Systems filed for bankruptcy protection and its automotive assets are being acquired by Johnson Controls for $125 million.
DETROIT (AP) - The U.S. operations of electric car battery maker A123 Systems filed for bankruptcy protection and its automotive assets are being acquired by Johnson Controls for $125 million.

The announcement Tuesday comes one day after A123 warned in a regulatory filing that it likely would miss some debt payments and could be headed for bankruptcy court.

A123, based in Waltham, Mass., got a $249 million U.S. government grant to help it build a battery factory in Michigan.

The bankruptcy filings do not include A123's subsidiaries outside of the U.S. But those assets also will be sold.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


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