Home / News Summary: A123 files for bankruptcy protection

News Summary: A123 files for bankruptcy protection

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News Summary: A123 files for bankruptcy protection
Submitted by Fox First at Ten on October 16th

By The Associated Press

SHORT CIRCUIT: Short of cash and hurting from weak sales of electric cars, battery maker A123 Systems Inc. filed for bankruptcy protection on Tuesday and quickly sold its automotive assets.

LOSING POWER: The moves came a day after the company warned it likely would miss debt payments and could be headed for restructuring. Auto parts maker Johnson Controls Inc. will buy the company's automotive business for $125 million.

NOT ELECTRIFYING: A123 has struggled for years as Americans have been slow to embrace electric cars. The company has yet to post a profit and lost $83 million in the second quarter.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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