JCI won't be A123 lender, buy offer maintained

Oct 29, 2012 | 01:18 PM | Daniel Fitzgerald

Tags  Johnson Controls, DIP financing, A123 Systems, Wanxiang Group, Daniel Fitzgerald

NEW YORK — Johnson Controls Inc. (JCI) won’t act as a debtor-in-possession (DIP) lender for A123 Systems Inc., it said, in an effort to "avoid potential delays posed by threatened legal actions from Wanxiang Group Corp."

The Milwaukee-based battery manufacturer said it maintains its $125-million offer to acquire A123’s automotive assets, as well as the stalking horse position in the bankruptcy process subject to U.S. Bankruptcy Court approval, which is expected Nov. 5.....





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