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U.S. says A123 sale requires its consent
Reuters: Business News
Wed, 28 Nov 2012
(Reuters) - The U.S. government said bankrupt A123 Systems Inc cannot be sold without its consent because the battery maker received a $249 million grant from the Energy Department, according to court documents.
The Fairholme manager comments on the fund's significant investment in the convertible bonds and bank debt of bankrupt mall operator General Growth Properties.
A shorter, more orderly bankruptcy process is good news for distressed debt investors, but it does shift the game a little bit, says Third Avenue's Jeff Gary.