Issues of concern to people who live in the west: property rights, water rights, endangered species, livestock grazing, energy production, wilderness and western agriculture. Plus a few items on western history, western literature and the sport of rodeo... Frank DuBois served as the NM Secretary of Agriculture from 1988 to 2003. DuBois is a former legislative assistant to a U.S. Senator, a Deputy Assistant Secretary of Interior, and is the founder of the DuBois Rodeo Scholarship.
Tuesday, October 16, 2012
Electric Car Battery Maker A123 Systems Files Bankruptcy
A123 Systems Inc. (AONE),
the electric car battery maker that received a $249.1 million federal
grant, filed for bankruptcy protection and said it would sell its
automotive business assets to Johnson Controls Inc. (JCI). The company listed assets of $459.8 million and debt of $376 million as
of Aug. 31 in Chapter 11 documents filed today in U.S. Bankruptcy Court
in Wilmington, Delaware. Johnson Controls plans to acquire A123’s automotive business assets,
including its facilities in Livonia and Romulus, Michigan. The
Milwaukee-based company also will obtain A123’s cathode powder plant in
China and its equity interest in Shanghai Advanced Traction Battery
Systems Co., A123’s joint venture with Shanghai Automotive Industry
Corp. A123 has used $132 million of the $249.1 million grant awarded by the U.S. in 2009 toward building the two Michigan factories, the Energy Department said today in a posting on its website.
A123 was required to spend up to one dollar of its funds for every
incentive dollar received from the government, according to regulatory
filings. The company also received a $6 million grant from the George W.
Bush administration in 2007. A123 and its debtor and non-debtor
affiliates, collectively, have about 1,763 active employees, located in
10 facilities across the U.S., China and Germany,
according to court papers. Its businesses consist of three primary
business segments: transportation, grid-energy storage and commercial...more
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