123 bite the dust: A123 misses payment to its new Chinese backer The Boston-based high-tech company reports it had missed a $2.7 million payment due Monday. Wanxiang, China's largest auto parts maker, agreed to waive default for 30 days, provided the company makes good on that and other payments by Nov. 15.
Update: A123's bankruptcy warning didn't stand long. The company announced Tuesday morning it had filed for Chapter 11 protection as part of a deal to sell its automotive business assets to Johnson Controls.
In a filing with the SEC, A123 cautions it may pursue bankruptcy protection in order to obtain access to new financing and "facilitate one or more of the transactions it is contemplating."
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