Update: Wanxiang America Corp. Acquires Substantially All of A123 System, Inc.'s Non-Government Business Assets
On January 29, 2013, A123 Systems LLC, a newly formed, wholly owned subsidiary of Wanxiang America Corporation, announced that it has acquired substantially all of the non-government business assets of A123 Systems, Inc. in a transaction approved by the Committee on Foreign Investment in the United States (CFIUS). Included in this transaction are A123’s automotive, grid and commercial business assets, including technology, products, customer contracts and U.S. facilities in Michigan, Massachusetts and Missouri; its manufacturing operations in China; and its equity interest in Shanghai Advanced Traction Battery Systems Co., A123’s joint venture with Shanghai Automotive. Excluded from the acquisition is A123’s Ann Arbor, Mich.-based government business, including contracts with the U.S. military, which have been acquired by Navitas Systems LLC through a separate transaction.
Distributions to creditors on account of their claims against A123 Systems, Inc. will be made pursuant to a liquidating plan or other process, in either case under the supervision and with the approval of the Bankruptcy Court.
Download: Press Release: A123 Systems LLC Acquires Substantially All Non-Government Business Assets of A123 Systems, Inc.
Download: Customer Letter
Download: Shareholder FAQ
Court documents and other information related to A123's Chapter 11 proceedings are available at a website administered by A123's claims agent, Logan & Company, at www.loganandco.com.Information Hotline: A123 has established a hotline for information about its Chapter 11 filing, toll-free in the U.S. at 800-224-7654. For calls originating outside the U.S., please dial 1-973-509-3190.