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A123 to seek approval for loan from Chinese auto parts maker

It asked the court to extend bidding deadlines for 30 days.

Wanxiang would need approval from the Committee on Foreign Investment in the United States and the government of China to acquire A123.

Wanxiang's lawyer told the court earlier this month the Chinese company intended to present its own stalking horse proposal to the court next Tuesday, but that matter was postponed to Nov. 5, according to the agenda.

Wanxiang has been pursuing A123 for months. The bankruptcy came after a $465 million rescue deal by the Chinese company unraveled after the U.S. battery maker was unable to meet some conditions of the agreement.

The case is A123 Systems Inc, Delaware Bankruptcy Court, No. 12-12859.

(Reporting By Tom Hals in Wilmington, Delaware; Editing by Tim Dobbyn)

((thomas.hals@thomsonreuters.com)(+1 610 544 2712)(Reuters Messaging: thomas.hals.thomsonreuters.com@reuters.net))

Keywords: A123 BANKRUPTCY/JOHNSON WANXIANG

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