A123 Systems Inc. has filed for bankruptcy. This company was praised by Obama in September 2010:
“This is about the birth of an entire new industry in America — an industry that’s going to be central to the next generation of cars”
The only success that Obama has actually accomplished is his planned destruction of the American economy.
A123 Systems Inc. (AONE), a maker of rechargeable lithium-ion batteries for electric cars, filed for bankruptcy after failing to make a debt payment that was due yesterday.
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.
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, the Waltham, Massachusetts-based company said yesterday in a regulatory filing.
“The company may not have sufficient cash to fund operations and may need to seek the protections provided under the U.S.Bankruptcy Code,” A123 said.