Another Stimulus Company files Bankruptcy: A123 Systems got $250 Million and now in Chapter 11

Electric car battery manufacturer A123 Systems Inc., the recipient of nearly
$250 million in government grants, filed for Chapter 11 bankruptcy protection
Tuesday.

The Massachusetts-based company and two affiliates filed for bankruptcy a day
after it said it would be unable to make a $2.8 million interest payment to
bondholders due Monday.

Auto-parts manufacturer Johnson Controls Inc. is providing the company with
$72.5 million in so-called debtor-in-possession financing to fund the bankruptcy
case.

Read the Wall Street Journal article: http://online.wsj.com/article/SB10000872396390443854204578060433271656440.html?mod=djemalertNEWS