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U.S. will not provide A123 with remaining grant money
Reuters: Regulatory News
Mon, 10 Dec 2012
WASHINGTON, Dec 10 (Reuters) - The U.S. Energy Department will not dole out the remaining half of its $249 million grant to now-bankrupt battery maker A123, a department official said on Monday.
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.