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See the best of Reuters photography. See more | Photo caption Pacquiao knocked out Marquez knocks out Pacquiao in the sixth round of their non-title welterweight bout. Slideshow Life of Kim Jong-un A look at the daily life of North Korea's leader. Slideshow Sponsored Links A123 creditors back sale to Chinese company Tweet Share this Email Print Related News U.S. says will not give battery maker A123 rest of grant Mon, Dec 10 2012 Deals of the day -- mergers and acquisitions Mon, Dec 10 2012 Chinese group buys AIG aircraft firm for up to $4.8 billion Mon, Dec 10 2012 UPDATE 2-China's Wanxiang wins auction for U.S. govt-backed A123 Sun, Dec 9 2012 US Air makes merger offer, AMR pilots approve labor deal Fri, Dec 7 2012 Analysis & Opinion Calpers and the Constitution: a looming confrontation? Related Topics Tech » Deals » Global Deals Review: 2011 Q3 » Global Deals Review: 2011 Q2 » Global Deals Review » Inflows Outflows » By Tom Hals WILMINGTON, Del | Tue Dec 11, 2012 12:42pm EST WILMINGTON, Del (Reuters) - The creditors of bankrupt A123 Systems Inc are supporting a Chinese company's controversial bid for the U.S. maker of electric car batteries, the creditors' attorney said on Tuesday. The attorney, William Baldiga, said he expects the sale to be quickly approved by a bankruptcy court later Tuesday, but China's Wanxiang Group still needs regulatory clearance to acquire A123, which was funded partly with U.S. government money. Wanxiang, China's biggest maker of auto parts, bid $257 million for A123, topping Johnson Controls Inc on Saturday in a bankruptcy auction. Wanxiang's interest in A123 has sparked protests from U.S. politicians about transferring taxpayer-funded technology to an economic rival. A123 has never turned a profit and received a $249 million grant from the U.S. Department of Energy to develop lithium-ion batteries. The battery maker's unsecured creditors "absolutely" support the sale to Wanxiang, said Baldiga, of law firm Brown Rudnick, who represents the official committee of A123's unsecured creditors. Dozens of objections to the sale have been filed with the U.S. Bankruptcy Court in Delaware, which is handling A123's Chapter 11 bankruptcy case. Baldiga said he expects most of those objections to be resolved quickly at Tuesday's hearing, scheduled for 2 p.m. EST (1900 GMT). The most prominent objection may have been settled on Monday, when a Department of Energy official said the remaining $120 million of grant money would not be transferred to Wanxiang. The Chinese company still needs the approval of the Committee on Foreign Investment in the United States (CFIUS) to close the deal. Pressure has been building on Treasury Secretary Timothy Geithner, the head of the panel, to block the takeover. Wanxiang's bid excludes A123's defense contracts. But a group of former military leaders and industrial consultants said in a statement on Tuesday that A123's commercial and defense businesses were too similar to allow the sale to a Chinese company. The group, the Strategic Materials Advisory Council, has urged Geithner to stop the sale. A123 filed for bankruptcy in October as demand for electric vehicles did not live up to expectations and it was forced to recall defective car batteries. Its customers include Fisker Automotive, General Motors Co and BMW. Baldiga said that if the foreign investment committee does not approve the sale in the coming weeks, Wanxiang could walk away, although it would forfeit a $25 million deposit that would go toward repaying A123's creditors. If that were to happen, A123 could then go back on the block, and Johnson Controls has said it was "very interested" in bidding again. Johnson Controls and NEC Corp of Japan made a final bid of about $251 million, according to Alex Molinaroli, president of Johnson Controls Power Solutions. The only other company that qualified for the auction, Siemens AG of Germany, does not appear to have made a bid, according to a transcript of the auction. If the foreign investment committee has not approved the sale by January 15, the deal could still close by transferring A123 to a trust controlled by U.S. citizens. Baldiga said there was "good precedent" for structuring the deal using such a trust, which would not need CFIUS approval. In that case, the money from Wanxiang would be used to repay the creditors of A123, which filed for bankruptcy with $376 million in liabilities. It would then be up to Wanxiang to resolve any foreign investment committee objections. The case is A123 Systems Inc, Delaware Bankruptcy Court, No. 12-12859. (Reporting By Tom Hals; Editing by Martha Graybow and John Wallace) Tech Deals Global Deals Review: 2011 Q3 Global Deals Review: 2011 Q2 Global Deals Review Inflows Outflows Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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