Volt Battery Maker Declares Bankruptcy After It Runs Through $249 Million In Tax Payer Funds

A123 Systems Inc. (AONE), a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday.

The company listed assets of $459.8 million and debt of $376 million as of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware.

A123 didn’t expect to be on time with an interest payment due yesterday on $143.8 million of notes expiring in 2016, or to make a payment due yesterday on $2.76 million in outstanding 6 percent notes, the Waltham, Massachusetts-based company said yesterday in a regulatory filing.

“The company may not have sufficient cash to fund operations and may need to seek the protections provided under the U.S. Bankruptcy Code,” A123 said.

 

vdiv - 10/16/2012 3:12:21 PM

+7 Boost

Cough! A123 is not the Volt battery maker, it is Fisker Karma's.

The Volt batteries are made by LG Chem.

WTF 009? You ever do any checking on the garbage you post?

HoustonMidtown - 10/17/2012 7:14:47 AM

+4 Boost

He is so anti-Volt -- he foams at the mouth when he can post something negative about it -- true or not....