While the bankruptcy of Waltham, Massachusettsbased electric car battery maker A123 Systems may have given Republican presidential nominee Mitt Romney another green energy arrow to fire at President Barack Obama, it’s also enlisted the efforts of several Am Law 100 firms.
A123 filed for Chapter 11 protection Tuesday in Delaware, listing nearly $460 million in total assets against debts of more than $376 million. The company specializes in producing lithium ion batteries used by the electric and hybrid vehicle industry, which has been hit hard by soaring costs and struggling sales. (The Wall Street Journal touched on the sector’s problems in the context of an in-depth look at A123′s collapse this week.)
