Daily News: March 12, 2013

Fisker Alleges A123 Hiding True Size of Creditor Claims


Reuters reported that in a filing with the U.S. Bankruptcy Court in Wilmington, DE, Fisker Automotive has alleged its former battery supplier, bankrupt A123 Systems, is hiding the true amount it owes its creditors and that A123 may be overstating how much, and when, creditors would get money from the former maker of lithium-ion batteries for electric vehicles.

Reuters said the class that includes Fisker’s claims totals just $123.8 million, according to A123. Yet Fisker said it was owed $139.9 million for breaches of warranties by A123 and because A123 rejected its supply agreement with Fisker. Other creditor claims bring the total in Fisker’s class to more than $212 million, according to Fisker.

To read the entire Reuters story, click here.

Previously on abfjournal.com:

Wanxiang’s A123 Systems Acquires Non-Government Assets, Wednesday, January 30, 2013