Chinese Bid Wins Auction for A123

[beretta304]

In October, A123 – which was awarded a $249m grant from the US government – became the latest stimulus-backed company to file for bankruptcy, prompting a fresh round of attacks on President Barack Obama’s support for emerging energy technologies.

The company said it was seeking Chapter 11 bankruptcy protection “to provide for an orderly sale” of its operations and “help maximise the value of its assets for its stakeholders”.

The company had attempted to secure a rescue deal with Wanxiang before it went into administration.

The company had been a flagship of Mr Obama’s attempt to stimulate new environmentally friendly industries but ran into difficulties as a result of slower than expected sales of electric cars.


Its bankruptcy follows that of other companies backed by US government grants or loan guarantees, including Solyndra, a manufacturer of solar modules, Abound Solar, another panel maker, and Ener1, which also makes batteries for electric cars.



Chinese bid wins auction for A123 - FT.com

 

[Mr. H.]

Why didn't Obama just send that $ quarter billion straight to China and call it a day.

 

[Mr. Shaman]

Chinese Bid Wins Auction for A123

It's encouraging to see that someone is filling-in for those greedy/lazy fucks, in Corporate America!!
​

December 10, 2012

China Nabs Airplanes and Batteries​

"Wanxiang has already invested in some two dozen ailing factories, mainly in the Midwest, and has recently been putting money into cleantech. In May, it closed a deal to invest $1.25 billion in Great Point Energy, a company in Cambridge, Mass., that converts coal to natural gas. The U.S. is a “gold mine” of opportunities for Wanxiang, Pin Ni, the head of U.S. operations and president of Wanxiang America, told Bloomberg Businessweek in October. “Any Chinese company that wants to be a global company can’t miss out on the U.S. market.”

 

[Mr. H.]

But when Romney/Bain take over an ailing company you got nothing but criticism.

 

[RoadVirus]

But when Romney/Bain take over an ailing company you got nothing but criticism.

That's because Romney has an "R" next to his name.

 

[uscitizen]

China buys Smith & Wesson.