A123 says it will be in default on debt payments; 30-day grace period; bankruptcy an option

A123 says it will be in default on debt payments; 30-day grace period; bankruptcy an option 16 October 2012 In a Form 8K filed with the US Securities and Exchange Commission (SEC) on 15 October, Li-ion battery maker A123 Systems said it will be in default under several of its debt agreements as of today (16 October). First, the company does not expect to pay its October interest payment of $2,695,312.50 to Wanxiang America Corporation on the 3.75% convertible subordinated notes due 2016 in the aggregate principal amounts of $143,750,000. (Earlier post .) Similarly, A123 does not intend to pay on time a 6% principal and interest (P&I) payment due under a set of 6% Notes, $2,759,118.69 in aggregate principal amount of which are currently outstanding. Under the terms of the original agreement, non-payment would result in an event of default under the 6% Notes and would permit...

Full article: http://www.greencarcongress.com/2012/10/a123-20121016.html

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@ElectricCarNWS » 16 Oct '12, 8am
A123 says it will be in default on debt payments; 30-day grace period; bankruptcy an option... [link] AlternativeTransport
@Biz_Sakuma » 16 Oct '12, 8am
RT @m_takehira: おや、あのリチウムイオンバッテリーのサプライヤーとして知られるA123Systemがデフォルトのようです。急に供給が止まるということではないようですが…。 [link]
@m_takehira » 16 Oct '12, 7am
おや、あのリチウムイオンバッテリーのサプライヤーとして知られるA123Systemがデフォルトのようです。急に供給が止まるということではないようですが…。 [link]
@Abarca1 » 16 Oct '12, 7am
RT @GreenCarCongres: A123 says it will be in default on debt payments; 30-day grace period; bankruptcy an option [link]
@TSBOIL » 16 Oct '12, 7am
A123 says it will be in default on debt payments; 30-day grace period; bankruptcy an option: In a Form 8K filed... [link]
@CTilzey » 16 Oct '12, 7am
#Green #Tech A123 says it will be in default on debt payments; 30-day grace period; bankruptcy an option: In a ... [link]
@GreenCarCongres » 16 Oct '12, 7am
A123 says it will be in default on debt payments; 30-day grace period; bankruptcy an option [link]
@fibergeneration » 16 Oct '12, 8am
A123 says it will be in default on debt payments; 30-day grace period; bankruptcy an option [link]
@houkipino » 16 Oct '12, 8am
RT @m_takehira: おや、あのリチウムイオンバッテリーのサプライヤーとして知られるA123Systemがデフォルトのようです。急に供給が止まるということではないようですが…。 [link]
@3DR » 16 Oct '12, 7am
A123 says it will be in default on debt payments; 30-day grace period; bankruptcy an option: In a Form 8K filed... [link]