A123 Systems, the lithium-ion battery maker that was acquired by Wanxiang America Corp. in January following a bidding war between Wanxiang and Johnson Controls, has now won court approval to exit bankruptcy.
 
The company, now renamed B456, was granted court approval for its plan to exit bankruptcy in late May. The company was expected to exit court protection within three to four weeks. A123 Systems was able to exit bankruptcy by selling off virtually all of its assets to pay off creditors, according to a report from AOL Autos’ AutoBlogGreen. The company’s name was changed during the bankruptcy process.