A123 Systems, the Bay State battery maker that received millions in government grants, has filed for bankruptcy.
The Waltham-based company sought Chapter 11 bankruptcy protection today after failing to make a debt payment that was due yesterday.
A123 Systems listed about $460 million in assets and $376 million in debt in the filing in U.S. Bankruptcy Court in Delaware.
“The company may not have sufficient cash to fund operations,” the company warned in a filing with the U.S. Securities and Exchange Commission.
A123 Systems — which makes high-tech batteries for electric cars with technology developed at MIT — received nearly $250 million in federal grants to build a factory in Livonia, Mich., with the promise to create some 38,000 U.S. jobs.
The company also received a $5 million loan from the Patrick administration to expand in Massachusetts. Continue reading Chevrolet Volt battery maker A123 goes bankrupt