Battery Maker A123 Files for Chapter 11 Protection

Electric-car-battery manufacturer A123 Systems Inc., the recipient of nearly $250 million in government grants, filed for Chapter 11 bankruptcy protection Tuesday with a plan to sell its auto-business assets to auto-parts maker Johnson Controls Inc.

The Waltham, Mass., company and two affiliates sought creditor protection in the U.S. Bankruptcy Court in Wilmington, Del., a day after it said it would be unable to make a $2.8 million interest payment to bondholders due Monday. Those bondholders, owed $143.8 million plus interest, are listed as the battery maker’s largest unsecured creditor.

Read the rest of this post on the original site »


Must-Reads from other Websites

Panos Mourdoukoutas

Why Apple Should Buy China’s Xiaomi

Paul Graham

What I Didn’t Say

Benjamin Bratton

We Need to Talk About TED

Mat Honan

I, Glasshole: My Year With Google Glass

Chris Ware

All Together Now

Corey S. Powell and Laurie Gwen Shapiro

The Sculpture on the Moon

About Voices

Along with original content and posts from across the Dow Jones network, this section of AllThingsD includes Must-Reads From Other Websites — pieces we’ve read, discussions we’ve followed, stuff we like. Six posts from external sites are included here each weekday, but we only run the headlines. We link to the original sites for the rest. These posts are explicitly labeled, so it’s clear that the content comes from other websites, and for clarity’s sake, all outside posts run against a pink background.

We also solicit original full-length posts and accept some unsolicited submissions.

Read more »