A123 wins OK for extended exclusive plan filing, solicitation periods

By Jim Witters

Wilmington, Del., March 12 - A123 Systems, Inc. won approval for 90-day extensions of its exclusive periods for filing a Chapter 11 plan and for soliciting plan acceptances, according to a March 12 filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive period for filing a plan is extended through May 15 from Feb. 13. The exclusive solicitation period is extended through June 14 from April 15.

As previously reported, the company filed its plan of liquidation and related disclosure statement on Feb. 6.

The hearing for approval of the disclosure statement is scheduled for March 14.

However, the company said it requested the extension out of an abundance of caution to ensure that no competing plans can be filed "within this small window that exists under the current deadlines."

In addition, A123 said the extension would protect it from any unexpected delays in the confirmation schedule.

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 under Chapter 11 case number 12-12859.

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