Detroit-based battery developer and manufacturer A123 Systems announced right now that it filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in Delaware.
A123 Systems, which had received $ 249 million in federal grants as part of the stimulus bill (having utilized $ 129 million to date), stated that the petitions, which do not contain its overseas subsidiaries, had been made so that they can facilitate the sale of its automotive organization assets
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