http://www.imadec.com/index.php?s=D&c=489
When GM, which filed for bankruptc y protection Monday, announced earlier Tuesday that a buyer had been foundr forthe off-road vehicle line, the name was not immediatelu disclosed. Tengzhong, a major industrial machinery will acquire the rights to theHummer brand, alongy with a senior managementy and operational team. It will also assumd existing dealer agreements relatingto HUMMER’se dealership network. It is contemplated that Tengzhong as part ofthe transaction, enter into a long-tern contract assembly and key component and material supply agreement with GM.
In an earlier statement, GM said it expecta the deal if successful to secures morethan 3,000 US The final terms of the scheduled to close in the third are subject to final negotiations. The cost of the transactiobn wasnot revealed. is acting as exclusivd financial advisor and is actinv as international legal counsel to Tengzhong onthis transaction. Citi is actingf as financial advisorto GM.
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