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  Topic: Electric Car Battery Maker A123
Systems Files Bankruptcy
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Electric Car Battery Maker A123
Systems Files Bankruptcy

Bloomberg.com, by Dawn McCarty

Original Article

Posted By:Mobyclik, 10/16/2012 9:52:18 AM

A123 Systems Inc. (AONE), a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday.(Snip) 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 largest auto-parts maker, for financing in exchange for a majority ownership stake.

Comments:
Another one of Oblamos LOSER picks to squander $249.1 million of taxpayers money on. And now China gets it. These batteries were also for the wonderful Chevy Volt that EVERYONE wanted.

      


Post Reply  

Reply 1 - Posted by: Robinsolana, 10/16/2012 9:57:26 AM     (No. 8936751)

Does Obama only pick losers.
It is as if like attracts like.

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Reply 2 - Posted by: Scottyboy, 10/16/2012 9:58:31 AM     (No. 8936754)

Yo Barry, how's that debate prep going ?

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Reply 3 - Posted by: 3XALADY, 10/16/2012 10:48:37 AM     (No. 8936881)

Glenn Beck was talking yesterday about GM, how he had spoken to many of the top people about the hydrogen car that they were developing and that he drove for a month. Don't remember how GM made the decision to go with the electric car versus the hydrogen car, or was it Preezy Downgrade who made that decision?



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Reply 4 - Posted by: PChristopher, 10/16/2012 12:31:37 PM     (No. 8937191)

This is beyond absurd. I wonder how many Swiss or off-shore accounts are filled with hundreds of millions of our tax dollars from these 'bankrupt' companies.

All friends of Obama's, I'm sure and all laundered back to him. Prison would be too kind for these scum.

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