A123 May Seek Bankruptcy as Company Sees Cash Shortage - Businessweek
A123 expects to be in default under material debt
agreements today, the Waltham, Massachusetts-based company said
yesterday in a regulatory filing. A123 didn’t expect to be on
time with an interest payment due yesterday on $143.8 million of
notes expiring in 2016, or to make a payment due yesterday on
$2.76 million in outstanding 6 percent notes, according to the
filing.
A123, which received a $249.1 million federal grant in 2009
to build a U.S. factory, needed a financial lifeline after
struggling with costs from a recall of batteries supplied to
Fisker Automotive Inc., the plug-in hybrid luxury carmaker. A123
announced in August that it was working on a deal with Wanxiang
Group Corp., China’s
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