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A123 is in deals with Wanxiang Group Corporation for a US$50 million emergency loan to fund its bankruptcy case.
After filing for bankruptcy earlier in October, A123 was to be lent money by Johnson Controls Inc as the ‘debtor in possession’ but now the Chinese auto parts maker will replace JCI with a lower interest rate on the loan. This is the initial offer for a bidding war that is sure to gain momentum as the two firms strive to gain possession of assets from the lithium-ion battery maker.
JCI still intends to bid for A123’s automotive assets but felt the value of the company would be further damaged by a lengthy bidding war with Wanxiang Corp.
