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BANKRUPTCY * USA
* DC - Bankruptcy court approves sale of A123 to Chinese corporation
Washington,DC,USA -The Detroit News, by David Shepardson -December 11, 2012: -- A U.S. bankruptcy court on Tuesday approved the sale of electric battery producer A123 to Chinese Wanxiang Group Corp for $256.6 million... The court also approved the sale of A123's Ann Arbor-based government business — including all U.S. military contracts to Navitas Systems for $2.25 million... The sale must still be approved by the Committee for Foreign Investment in the United States, known as CFIUS... In a recent letter to Treasury Secretary, Timothy Geithner — who chairs the Committee on Foreign Investment, which reviews the sale of U.S. companies, Sens. Carl Levin, D-Detroit, Debbie Stabenow, D-Lansing, and members of the House raised concerns about the sale, saying it "may pose a threat to national security...
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