Energy Business Update: A123 Bankruptcy Impacts Tesla, Sinopec’s Failed Acquisition
The bankruptcy filing of A123 Systems (NASDAQ:AONE) represents yet another failure in the alternative energy industry, which could impact Tesla Motors (NASDAQ:TSLA), through its business mode. However, the focus on Tesla’s repayment schedule to the government will likely remain quite keen. Shares moved up on the day.
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Sinopec (NYSE:SNP) failed to acquire the gas distributor China Gas (CGHOF.PK) included an arrangement permitted it to walk away from the much smaller private company but not lose face in doing so. Further, Aaron Back at Heard on the Street believes that the saga might be a positive step in the development of capital markets in China.