B456 Systems, the lithium-ion battery maker formerly known as A123 Systems, won court approval for its bankruptcy plan. It gives unsecured creditors of the company about 65 cents for each dollar owed, Reuters says.
B456 had received a $249 million grant from the U.S. government. About half the money was never released. B456 received court approval to sell its automotive battery business and related assets to China’s Wanxiang Group.
B456 makes lithium-ion batteries for Fisker Automotive, BMW hybrid 3- and 5-Series cars, and General Motors Co’s all-electric Chevrolet Spark. The company filed for bankruptcy in October due to weaker-than-expected demand.
At least, they kept their humor when naming their new old company.