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A123 Systems Inc., a Waltham-based maker of lithium-ion batteries, filed for Chapter 11 bankruptcy protection in federal court in Delaware Tuesday morning, saying in court filings that it has agreed to sell such automotive business assets as its facilities in Michigan.

In a recent regulatory filing, the company said that a default on some of its debt is likely, and it warned that it might be heading for bankruptcy protection.

A123 declined comment beyond a press release that said it had entered an asset purchase agreement with Johnson Controls Inc. In a transaction valued at $125 million, Johnson Controls plans to acquire A123’s automotive business assets, including its facilities in Livonia and Romulus, Mich.

A123 bet heavily that its batteries would be ideal for helping to power electric and hybrid vehicles, but the company has struggled in the last year, with layoffs and a recall of some of its batteries.

Recently, A123 looked as if it might be rescued by an investment of up to $450 million by Chinese auto-parts maker Wanxiang Group. Wanxiang could not immediately be reached.

In a press release Tuesday, A123 chief executive David Vieau said: “We determined not to move forward with the previously announced Wanxiang agreement as a result of unanticipated and significant challenges to its completion. Since disclosing the Wanxiang agreement, we have simultaneously been evaluating contingencies, and we are pleased that Johnson Controls recognizes the inherent value of our automotive technology and automotive business assets.”

In 2009, A123 held an initial public stock offering, raising about $380 million with its initial stock offering.

Also in 2009, A123 received a $249.1 million grant from the US Department of Energy to build battery manufacturing operations in Michigan.

http://www.boston.com/businessupdates/2012/10/16/systems-expects-defau
lt-some-debt/D9Pxwswc8nuG9dqhKFkLwM/story.html

Erin Ailworth can be reached at eailworth@globe.com.

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Originally posted by Storymark:
Let the boy indulge his derangement syndrome.

It gives the rest of us more to laugh at.

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Originally posted by m52nickerson:
Funny thing is this same company got a grant from the Bush administration to help with construction of a plant.

Rappy does not understand that the government gives out grant like this all the time. Most of the time you don't hear about it because the buisness does not fail.

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Originally posted by m52nickerson:
Funny thing is this same company got a grant from the Bush administration to help with construction of a plant.

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Originally posted by Storymark:

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Originally posted by m52nickerson:
Funny thing is this same company got a grant from the Bush administration to help with construction of a plant.

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Well, duh. If Bush does it, it's all good in Rappyland. If Obama does it, its eeeeevil.

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Originally posted by AURaptor:
Construction of a plant? Which plant ?

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Originally posted by m52nickerson:

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Originally posted by AURaptor:
Construction of a plant? Which plant ?

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A123 System's plant, the same company that we are talking about. Please try and follow along with the adult conversation going on or take your ass back to the kids table son.

I do not fear God, I fear the ignorance of man.
A warning to everyone, AURaptor is a known liar.

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Originally posted by AURaptor:
[You've offered no cites. If you can't reply in an adult manner to a simple, basic question, then I'm done /w you.

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Originally posted by AURaptor:

And I'm done w/ you.

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Originally posted by AURaptor:
List Of Failed Green Energy Jobs & Companies – By Obama

**Update: 7/19/12: The Amonix Solar: FAIL! – manufacturing plant in North Las Vegas, subsidized by more than $20 million in federal tax credits and grants given by Obama Administration, has closed its 214,000 square foot facility a year after it opened.
Solar Trust of America: FAIL! - Filed Bankruptcy in Oakland, CA, April 3, 2012

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Originally posted by AURaptor:
Bright Source: FAIL! - Bright Source warned Obama’s Energy Department officials in March 2011 that delays in approving a $1.6 billion U.S. loan guarantee would embarrass the White House and force the solar-energy company to close. Bright Source lost billions of dollars but is getting more money to keep trying. Can you say, “This isn’t working Mr. President?”

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Originally posted by AURaptor:
Solyndra: FAIL! - Obama gave $500,000,000 (that’s a HALF BILLION!) in taxpayer money to Solyndra who shut its doors and laid off 1100 workers in August 2011 after billions in losses due to failure to make a solar product that works! Barack Obama was not vetted before being elected President and neither was Solyndra before Mr. Obama threw that taxpayer money down the drain of unproven technology.

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Originally posted by AURaptor:
LSP Energy: FAIL! - LSPEnergy LP filed bankruptcy protection and a sale of its assets in Feb 2012

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Originally posted by AURaptor:
Energy Conversion Devices: FAIL! – On February 14, 2012 Energy Conversion Devices, Inc. and its subsidiaries filed for bankruptcy

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Originally posted by AURaptor:
Abound Solar: FAIL! - Abound Solar received a $400 million loan guarantee from Barack Obama then announced in June, 2012 that it would file for bankruptcy. Many of these failed corporations, such as Abound, donated MILLIONS and continue to donate to Barack Obama’s campaign. Can you say, “Democrat Slush Fund”? Yes this is illegal. But Democrats are being protected from being prosecuted, for now.

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Originally posted by AURaptor:
SunPower: FAIL! - SunPower stopped producing solar cells in 2011 at near bankruptcy then restructured with the help of, get this, oil giant TOTAL, Inc. who owns 60% stake in SunPower. Irony? The company is still struggling.

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Originally posted by AURaptor:
Beacon Power: FAIL! – Beacon Power Corp filed for bankruptcy protection in October, 2011 just a year after Obama approved a $43 million Government loan guarantee. They remain barely in business, still struggling to make energy that makes sense or that works at all.

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Originally posted by AURaptor:
Ecotality: FAIL! - ECOtality, a San Francisco green-tech company that never earned any money and remains on the verge of bankruptcy after receiving roughly $115 million in two loan guarantees from President Obama, who wants to do some more of this kind of Democrat Slush Fund Guarantees after he is elected to a 2nd term.

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Originally posted by AURaptor:
A123 Solar: FAIL! - A123 Solar received $279 million from taxpayers thanks to President Obama’s Department of Energy loan guarantees even after the Solyndra bankruptcy and is getting another $500M from Obama after a loss of $400M.

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Originally posted by AURaptor:
UniSolar: FAIL! - Uni-Solar filed for Ch 11 bankruptcy in June 20, 2012 after laying off hundreds of workers. UniSolar received even more Obama money after showing now progress, no profits and is still failing… yet they still remain in business with Obama’s help.

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Originally posted by AURaptor:
Azure Dynamics: FAIL! - Azure Dynamics filed for bankruptcy in June , 2012 wasting millions in Obama “Stimulus” money and received abatement on taxes owed and and several tax credits. Azure Dynamics LLC filed for bankruptcy protection in Canada and the US. Azure laid off 120 of its 160 employees in Oak Park; Boston; Vancouver, British Columbia; and the UK.

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Originally posted by AURaptor:
Evergreen Solar: FAIL! - Evergreen Solar received $527 Million in Taxpayer money from Obama and filed bankruptcy in late 2011. Evergreen, which closed its taxpayer-supported Devens factory in March, 2011 cut more than 1800 jobs. Evergreen’s $450 million factory, turned out to be a colossal “waste” of taxpayer money.

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Originally posted by AURaptor:
Ener1: FAIL! Ener1 Inc. received a $118 million U.S. Energy Department grant from President Obama to make electric-car batteries but filed for bankruptcy protection January 2012 after defaulting on bond debt.

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Originally posted by 1kiki:
As compared to sugar-daddy George's list of bank failures?

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Originally posted by m52nickerson:

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Originally posted by AURaptor:
Azure Dynamics: FAIL! - Azure Dynamics filed for bankruptcy in June , 2012 wasting millions in Obama “Stimulus” money and received abatement on taxes owed and and several tax credits. Azure Dynamics LLC filed for bankruptcy protection in Canada and the US. Azure laid off 120 of its 160 employees in Oak Park; Boston; Vancouver, British Columbia; and the UK.

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Wasted? If it was able to pay it's employees and keep them working for some time, plus continue to operate through the backruptcy, which it has, it is not a waste.

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Originally posted by AURaptor:
Evergreen Solar: FAIL! - Evergreen Solar received $527 Million in Taxpayer money from Obama and filed bankruptcy in late 2011. Evergreen, which closed its taxpayer-supported Devens factory in March, 2011 cut more than 1800 jobs. Evergreen’s $450 million factory, turned out to be a colossal “waste” of taxpayer money.

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Again not a waste, and the company as a whole is still in operation.

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Originally posted by kpo:
Ah Geezer. He never said that.

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Then he can tell me so.

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He did apparently approve of businesses cutting staff and closing plants to stay in business.

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Originally posted by m52nickerson:

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Originally posted by AURaptor:

And I'm done w/ you.

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Oh, you aint done yet younging.

You're so fucking sad.

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Originally posted by 1kiki:
Hey I don't know of any movies named Countrywide but it received all sorts of bailout money from sugar daddy Bush only to be foisted onto BofA at its point of death. And now BofA is like the weak swimmer being drowned by the drowner.

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Originally posted by Geezer:

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Originally posted by kpo:
Ah Geezer. He never said that.

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Then he can tell me so.

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Or, if Bush does something, and it doesn't work, then it's perfectly fine for Barry to come in after, make a bad mistake much worse, and then he's covered, because someone else did it first ?

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Originally posted by AURaptor:

Construction of a plant? Which plant ? And how is that relevant to this issue ?

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Originally posted by Geezer:
Ummm.

Most of the dates shown on this list fall during the Obama administration. Perhaps you might want to add column headings.

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Originally posted by Geezer:
So you support the business model of reducing staff, getting rid of unprofitable parts of the business, and reducing costs in troubled companies?

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Originally posted by Kwicko:
Point being, when Bush and his cronies were doing exactly this kind of thing - picking "winners and losers" in the financial markets and on Wall Street - you had absolutely zero problem with it, and didn't utter a peep. You said, in fact, "The economy's ON FIRE!" and pretended all was well.

So what happened between then and now?


Oh... we elected a Democrat, that's what.

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Originally posted by AURaptor:
DERP....

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Originally posted by AURaptor:
Bank failures aren't Bush's fault, by any measure.

Those belong to Frank, Dodd and the entire Democratic party.

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Originally posted by Geezer:
Ummm.

Most of the dates shown on this list fall during the Obama administration. Perhaps you might want to add column headings.

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Originally posted by 1kiki:

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Originally posted by Geezer:
Ummm.

Most of the dates shown on this list fall during the Obama administration. Perhaps you might want to add column headings.

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Get glasses, or a brain, or both. There are two dates - the date of initial FDIC declaration, and the date of final FDIC resolution.

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Most recent bank failure on the list:

First Federal Bank of California, F.S.B. Santa Monica CA 28536 OneWest Bank, FSB
December 18, 2009 date of initial FDIC declaration
August 23, 2012 date of final FDIC resolution

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Originally posted by Kwicko:

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Originally posted by AURaptor:
Bank failures aren't Bush's fault, by any measure.

Those belong to Frank, Dodd and the entire Democratic party.

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How's that, exactly?


Can you cite for me the exact piece of legislation, the exact section or clause, that they authored, chaired, and passed, which then caused all those banks to fail, even Silverado Savings and Loan, which collapsed in 1988?

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Originally posted by m52nickerson:

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Originally posted by AURaptor:
DERP....

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Originally posted by AURaptor:

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Originally posted by m52nickerson:

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Originally posted by AURaptor:
DERP....

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THIS is what passes as mature, reasonable replies by the Left.

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Originally posted by 1kiki:
The Presidency of Barack Obama began at noon EST on January 20, 2009.

First Federal Bank of California, F.S.B. Santa Monica CA 28536 OneWest Bank, FSB
December 18, 2009 date of initial FDIC declaration
August 23, 2012 date of final FDIC resolution

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Originally posted by Geezer:
So here's the banks that started the failure process after Jan. 20, 2011. Two years after President Obama took office.

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Originally posted by AURaptor:

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Originally posted by AURaptor:
DERP....

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THIS is what passes as mature, reasonable replies by the Left.

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Originally posted by Kwicko:

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Originally posted by AURaptor:

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Originally posted by AURaptor:
DERP....

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THIS is what passes as mature, reasonable replies by the Left.

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So you're on "the Left" now?

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Originally posted by m52nickerson:
...and? Are you going to make the argument that the effects subprime mortgage crisis had already been played out in those two years? Or that the vaste amounts of toxic assests had all been removed from the books and delt with?

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