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A123 Systems, Johnson Controls amend provisions of DIP loan agreement

A123 Systems (AONE) disclosed in a regulatory filing that on October 30 the company and Johnson Controls (JCI) amended the provisions of their DIP loan agreement relating to the maturity date of the loan. As amended, the DIP loan agreement matures the earliest of: November 8, unless the United States Bankruptcy Court for the District of Delaware has entered a final order approving the DIP Loan Agreement and the bidding procedures previously disclosed; or 34 days after October 16 if an auction related to the purchase of the company’s assets has not commenced by such date; or 36 days after October 16 if the Auction has not been completed by such date; or 41 days after October 16 if an order approving the sale discussed below has not been approved by such date; or December 31. The amendment extending the earliest date for the maturity of the DIP loan agreement was necessary because the hearing regarding the Bankruptcy Court’s approval of the final orders with respect to the DIP loan agreement and the sales procedures order was postponed from October 30 to November 5 as a result of the closure of the US Bankruptcy Court due to the effects of Hurricane Sandy.