Judge's approval moves A123 bankruptcy sale closer to completion
The Detroit Free Press reports the vast majority of bankrupt battery maker A123 Systems’ assets likely will be sold to Chinese auto parts company Wanxiang for $256.6 million after U.S. Bankruptcy Court judge Kevin Carey approved the bid Tuesday.
AP Photo/Paul Sancya
Navitas Systems, an Illinois-based company, is purchasing the company’s defense-related assets including its Ann Arbor office. Wanxiang would take over plants in Livonia and Romulus.
Click here to read the full report from the Detroit Free Press.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at firstname.lastname@example.org. Follow him on twitter @BFreedinA2