Former A123 Systems gets 45-day extension of plan exclusive periods

By Jim Witters

Wilmington, Del., June 24 - B456 Systems, Inc., formerly A123 Systems, Inc., won approval of a 45-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting plan votes, according to a June 24 filing with the U.S. Bankruptcy Court for the District of Delaware.

When requesting the extension, the company said it needs the extensions because "it is possible that these periods may expire prior to confirmation of the modified first amended plan."

As previously reported, the company filed its joint plan of liquidation on Feb. 6. The plan was confirmed by the court on May 20.

The exclusive period for filing a Chapter 11 plan is extended through June 30 from May 15. The exclusive period for soliciting plan acceptances is extended through July 30 from June 14.

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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