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Chinese industrial group Wanxiang has said it intends to challenge for the right to acquire a majority stake in A123 Systems, the US manufacturer of military and commercial batteries, which has filed for Chapter 11 bankruptcy protection.
The company told the Global Times newspaper in Beijing – a sister publication of the Chinese Communist Party newspaper, the People's Daily – that Wanxiang will not "alter its investment interest" in A123 despite the bankruptcy filing earlier in October and indications that the acquisition was unpalatable in the US due to growing sensitivity over incoming Chinese investment.
Fisker is seeking an extension of the bid deadline, auction date and related dates and deadlines in the bidding procedures request by at least 30 days, court papers show.
A123, the recipient of a $249 million federal grant, said it would sell its automotive-business assets to Milwaukee-based Johnson Controls Inc. in a deal valued at $125 million. The deal is subject to other potential offers in a bankruptcy auction.