Oct 16th 2012 @ 1:45PM
Electric car battery maker A123 filed for bankruptcy today, just a few hours after warning it was about to default on its loans, and will be taken over by auto supplier Johnson Controls.
As a recipient of $249 million in loans from the Obama administration, the company's bankruptcy will no doubt become another embarrassment heading into the November elections. Republicans have already battered the Obama administration for investing $535 million in solar panel maker Solyndra, only to see the company fail just two years after receiving the loan. The company shut its doors and fired all its workers in August 2011.
Read the whole story at AOL Autos