Wanxiang buys bankrupt battery maker A123(Read article summary)
Chinese auto parts maker Wanxiang Group Corp. on Sunday bought A123 Systems, the bankrupt battery maker which supplies Fisker Automotive and others.
AP Photo/Paul Sancya, File
The sale to Wanxiang must now be approved by Delaware Bankruptcy Court judge Kevin Carey, at a hearing on Tuesday.¬†
Opposition to the sale may focus on approval from the Committee on Foreign Investment in the United States--and some politicians and retired military leaders have already vocalized their concerns about the sale.
If the sale is approved, it will draw to a close a long sale process¬†which has been ongoing since August. A bailout from the Chinese firm initially stalled when A123 couldn't meet certain criteria imposed by Wanxiang, which eventually led to the company's bankruptcy.
If A123 is in safer hands, electric automaker Fisker Automotive will be hoping production and supply quickly re-starts.