May 21 B456 Systems Inc, the
lithium-ion battery maker which received a $249 million U.S.
government grant, won court approval for its bankruptcy plan on
Judge Kevin Carey approved the plan under which unsecured
creditors of the company, formerly A123 Systems Inc, are
expected to recover about 65 cents for each dollar.
B456 had earlier won court approval to sell its automotive
battery business and related assets to a U.S. unit of China's
largest auto parts maker, Wanxiang Group.
Wanxiang beat out the only other active bidder, Johnson
Controls Inc, in a court-supervised auction for the
assets of Waltham, Massachusetts-based B456.
B456 had received a $249 million grant from the U.S.
government as part of a clean energy program to build
manufacturing facilities in Michigan. About half the money was
The company filed for bankruptcy in October due to
weaker-than-expected demand for hybrid vehicles and technical
problems. B456 makes lithium-ion batteries for Fisker
Automotive, BMW hybrid 3- and 5-Series cars, and
General Motors Co's all-electric Chevrolet Spark, which
is scheduled for release later this year.
The case is B456 Systems Inc, U.S. Bankruptcy Court, District
of Delaware, No. 12-12859