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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