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Earnings/Financials
Ok, so we made the "PDQ" part up, but battery maker A123 Systems, Inc. has changed its name to B456 Systems, Inc. - and no, this is not an early April Fool's Day joke. As part of A123's bankruptcy proceedings dating to last October, it was required to change its name in order to be purchased by Chinese company Wanxiang. According to the
Detroit Free Press, as part of a
March 22, 2013 filing with the US Securities and Exchange Commission, A123 declared that its new name is B456. We're not sure if anyone at A123 realized the irony - B456 is also the model number for a fire extinguisher made by Amerex that happens to be good for "energized electrical equipment."
Wanxiang completed its purchase of A123 B456 earlier this year. The company formerly known as A123 had received hundreds of millions of dollars in loans, tax credits and grants from the federal government and the states of Michigan and Massachusetts. Part of the funds from the Wanxiang purchase
repaid the $2.8 million it received from Massachusetts, but it looks like the other monies will go unrepaid. The Chinese company has said it will keep the Michigan plants open, but Michigan is trying to keep Wanxiang from collecting the rest of its unused incentives.
Bankrupt A123 changes name to B456 PDQ originally appeared on
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Report: Bankrupt A123 changes name to B456 PDQ
