I gotta love these government support of strong companies:
Unsecured creditors of failed battery-maker A123 Systems Inc. who are owed about $173 million will recoup about 65 cents on the dollar, based on a proposed liquidation plan filed this week with the U.S. Bankruptcy Court.
Secured creditors of the 11-year-old government-backed Waltham company, who are owed at least $29 million, will be reimbursed in full under the plan, which requires court and creditor approvals.
The bulk of the money will be repaid from sale proceeds. Last month, the federal Committee for Foreign Investment in the United States endorsed the $257 million sale of most of A123’s assets to Chinese auto parts conglomerate Wanxiang Group.
Why am I thinking the “Bulk of the Money” isn’t going to be quite as good as any of us will hope. Are any of these “Green” companies backed by Daddy .gov making money?
Also nice that the assets are going to China. A feel-good story!
