Reuters: Bankruptcy News: Chinese firm wins approval to buy US govt-backed A123 -source

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Chinese firm wins approval to buy US govt-backed A123 -source Jan 29th 2013, 13:46 Tue Jan 29, 2013 8:46am EST Jan 29 (Reuters) - China's largest auto parts maker won U.S. government approval to buy A123 Systems Inc, a bankrupt maker of electric car batteries that was funded with U.S. government money, a source familiar with the situation said on Tuesday. A U.S. government committee on foreign investment approved the sale of the lithium-ion battery maker to Wanxiang Group, according to the source, who asked not to be identified because they were not authorized to speak publicly. A123 filed for bankruptcy last year and was sold at an auction supervised by the U.S. Bankruptcy Court in Delaware. Some members of the U.S. Congress said that the sale to Wanxiang would transfer sensitive technology to China and urged the foreign investment committee to block it.

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