VLNC: Valence Technology, Inc.(fka VLNCQ)

[paologorgo]

Judge Kevin Carey of the U.S. Bankruptcy Court in Wilmington, Del., on Monday signed off on the plan filed by the remnants of the battery maker left behind in bankruptcy. A123 filed for bankruptcy in October and sold its automotive-battery business for $256.6 million to Wanxiang America at a bankruptcy-court auction.
The battery maker's liquidation plan will pay unsecured creditors about 65 cents on the dollar, but it offers no repayment of more than $130 million worth of government-funded grants. The plan also will wipe out shareholders.

http://online.wsj.com/article/SB10001424127887323648304578497533845276220.html#articleTabs%3Dcomments