A123 Files for Bankruptcy

By Dave Leval

A123 Files for Bankruptcy

October 16, 2012

WALTHAM, MA (My TV20 News at 10) --- It opened with tremendous fanfare two years ago in Livonia, including a phone call from President Obama.

Tonight though, there's a lot of uncertainty regarding the fate of this company, and its workers.

Massachusetts-based A123 Systems filed for bankruptcy protection today in Delaware, and announced it will sell its assets to Johnson Controls.

A123 received a $249 million grant from the Obama Administration to make electric batteries for cars.

The company also plants in Romulus, and Ann Arbor.

A123 called off its deal with China's largest auto-parts maker.

That firm offered financing in exchange for a majority ownership stake in A123.

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