A123 holds $376 million in debt with about $459.8 million in assets. Its largest debtor is U.S. Bank, which A123 owes $142.8 million. "We believe the asset purchase agreement with Johnson Controls, coupled with a Chapter 11 filing, is in the best interests of A123 and its stakeholders at this time," A123 CEO David Vieau said in the statement. "As we move through this transaction process, we expect to continue operating and working with customers and suppliers," he added. Johnson Controls' interest in A123 Systems dovetails with the company's "commitment to the development of the advanced battery industry," Alex Molinaroli, president of the company's power solutions unit, said in the statement. "Requirements for more energy efficient vehicles continue to increase, which is driving automotive manufacturers to pursue new technologies across a broad spectrum of powertrains and associated energy storage solutions," the statement said.