Yet Another oblahblah green energy company funded going BK . Only $249 million this time around. I suppose that could have been used to hire teachers, police and firemen instead of pissing it away again like most of his other worthless spending programs . Just another reason, among 100s, why this empty chair leader should have been vetted by the liberal media instead of conning all those that voted for him, since so many couldn't see him for what he was then and now.
http://money.cnn.com/2012/10/16/technology/a1...index.html
NEW YORK (CNNMoney) -- Electric car battery maker A123 Systems expects to be in default on debt payments Tuesday and could be headed for bankruptcy, according to a document the company has filed with the Securities and Exchange Commission.
"No assurance can be given that the company will be able to avoid restructuring, reorganization or a bankruptcy filing," said A123, in the document, filed Monday.
A123 Systems said that it expected to miss its October interest payment on $143,750,000 worth of 2016 corporate notes. The company said it also expected to miss a payment on another $2,759,000 worth of notes.
The company said it may not have sufficient cash to fund operations, and could seek protection under the U.S. Bankruptcy Code in order to obtain new financing and complete deals it is considering.
A123, based in Waltham, Mass., manufactures lithium ion batteries in Asia, Europe and North America, including batteries for plug-in hybrid and electric cars.
The company's SEC filing comes just two months after Chinese auto parts maker Wanxiang Group Corporation announced plans to invest up to $465 million in A123 , including an initial credit extension of $25 million.
