A123 Systems expects sales to Wanxiang, Navitas to close by Feb. 1

By Caroline Salls

Pittsburgh, Jan. 18 - A123 Systems, Inc. continues to work with buyers Wanxiang America Corp. and Navitas Systems LLC to prepare for the closing of its asset sales, according to an A123 news release.

A123 said it expects the transactions to close by Feb. 1.

As previously reported, Wanxiang has agreed to pay $256.6 million in cash for most of A123's assets and assume specified liabilities. Meanwhile, Navitas has agreed to pay $2.25 million for the company's government-business assets.

Based in Waltham, Mass., A123 designs, develops, manufactures and sells rechargeable lithium-ion batteries and battery systems. The company filed for bankruptcy on Oct. 16 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 12-12859.

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