Wanxiang Group Co. won court approval to buy most of the assets of A123 Systems Inc., the failed electric-car battery maker backed with U.S. government funds, for about $256.6 million.
U.S. Bankruptcy Judge Kevin Carey approved the sale, which has raised concern from some Republican lawmakers, at a hearing yesterday in Wilmington, Delaware, saying “the auction was robust, the price is adequate.” The deal is still subject to review by the Committee on Foreign Investment in the U.S.
