A123 Systems Inc., the bankrupt maker of electric-car batteries that received a $249.1 million federal grant, won permission to sell its assets at a Dec. 6 auction where bidders will include Johnson Controls Inc. and Wanxiang Group Co., Bloomberg news reported yesterday. Bankruptcy Judge Kevin Carey approved bidding procedures at a hearing yesterday overruling the U.S. Trustee’s objection to a $2.5 million breakup fee Johnson Controls will get if it is not the winner. Johnson Controls also would get $3 million for expenses. The proposed protections for Johnson Controls will "enhance the process," not chill it, Judge Carey said. He scheduled a Dec. 11 hearing to approve the sale.
