Another One bites the dust …
Add A123 Systems to Barack Obama’s list of failed green energy companies. A123 received a $249.1 million federal grant in 2009 to build a U.S. factory. I then needed a financial lifeline after struggling with costs from a recall of batteries supplied to Fisker Automotive. Now the company is in debt default. Now according to A123, “The company may not have sufficient cash to fund operations and may need to seek the protections provided under the U.S. Bankruptcy Code.”
VIDEO Hat Tip: The Gateway Pundit
A123 Systems Inc. (AONE), the maker of lithium-ion batteries for electric cars, said it may run out of cash to fund operations and may need to seek bankruptcy protection.
A123 expects to be in default under material debt agreements today, the Waltham, Massachusetts-based company said yesterday in a regulatory filing. A123 didn’t expect to be on time with an interest payment due yesterday on $143.8 million of notes expiring in 2016, or to make a payment due yesterday on $2.76 million in outstanding 6 percent notes, according to the filing.
UPDATE I: From Weasel Zippers … President Barack Obama praised the company as a success in 2010. Barack Obama certainly knows how to “not” pick them. Just yet another Obama “green” failure at the expense of the US tax payer.