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A123 Systems receives interim court approval of $50M DIP financing from Wanxiang; responds to objections from Wanxiang, Fisker and others on asset sales process

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announced that the United States Bankruptcy Court for the District of Delaware (the "Court") has granted A123 interim approval to use $50 million of Debtor-in-Possession (DIP) financing, which is being provided by Wanxiang Group Corporation (Wanxiang). The financing supplements the pre-petition $22.5 Earlier post.).

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Grant Thornton LLP Warns of Potential Collapse of Automotive Supply Chain

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But the most immediate and pervasive risk to the economy is a wholesale collapse of the automotive supply base, Grant Thornton LLP partner Laura Marcero told the Automotive Press Association in Detroit. Grant Thornton LLP is the US member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations.

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GM Files Voluntary Chapter 11; Agreements with US Treasury and Canada; New GM Expected in 60-90 Days

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court filings or court-supervised process, and these filings have no direct legal impact on GM’s plans and operations outside the US. Warrants granted to the New VEBA to acquire newly issued shares in the New GM equal to 2.5% Cravath, Swaine, & Moore LLP is providing legal advice to the GM Board of Directors. Earlier post.)

GM 150
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UC Davis ITS study suggests hastening consumer adoption of plug-ins will require innovation on the sales side

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In a number of states, dealer groups have moved to block start-up EV automaker Tesla from introducing its direct-to-consumer retail model. These expose dealers to legal liability for misstatements or for communicating misleading information to customers. In some cases, dealers outright discouraged PEV purchases. —Cahill et al.

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Obama Announces Steps to Boost Biofuels, Clean Coal; RFS2, BCAP, BIWG and Carbon Capture and Storage Task Force

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At a meeting with a bipartisan group of governors from around the country, President Barack Obama yesterday laid out three measures intended to work in concert to boost biofuels production and reduce US dependence on petroleum. Third, the President’s Biofuels Interagency Working Group (BIWG) released its first report: Growing America’s Fuel.

Obama 218
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Devil in the Details: World Leaders Scramble To Salvage and Shape Copenhagens UNFCCC Climate Summit

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The 15 th Congress, also known as the 15 th Conference of Parties, or COP 15, was initially intended to be a largely procedural summit, with many major negotiating points settled and most environmental ministers prepared to sign a binding emissions treaty that contained specific emissions targets as well as commitments to financing structures.

Climate 236
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Perspective: The UN Approval Process for Carbon Offsets

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Moreover, developers must show that the project would make no economic sense without CDM funds and that documentation exists to demonstrate that these factors were considered by the company’s board of directors in their decision to pursue CDM financing. Contribution of Working Group III to the Fourth Assessment Report (2007).

Carbon 255