SHORT CIRCUIT: Short of cash and hurting from weak sales of electric cars, battery maker A123 Systems Inc. filed for bankruptcy protection on Tuesday and quickly sold its automotive assets.
LOSING POWER: The moves came a day after the company warned it likely would miss debt payments and could be headed for restructuring. Auto parts maker Johnson Controls Inc. will buy the company's automotive business for $125 million.
NOT ELECTRIFYING: A123 has struggled for years as Americans have been slow to embrace electric cars. The company has yet to post a profit and lost $83 million in the second quarter.