http://www.bloomberg.com/apps/news?pid=20601087&sid=a0Erg3Bcoz74&refer=home
Quote:
June 2 (Bloomberg) -- General Motors Corp. plans to sell its Hummer brand of sport-utility vehicles to Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd., a Chinese equipment maker, according to five people familiar with the situation.
GM, which filed for bankruptcy protection yesterday, has a memorandum of understanding with the Chengdu, China-based company, said the people, who declined to be identified because the agreement is confidential. At least one other party is still interested in buying Hummer, though those talks are on hold, one of the people said.
The deal should be completed by the end of the third quarter, Detroit-based GM said in a statement today disclosing the memorandum of understanding. The biggest U.S. carmaker didn’t identify the buyer or financial terms of the accord. Hummer was estimated to be worth $500 million, Chief Executive Officer Fritz Henderson said in bankruptcy court documents.
Quote:
June 2 (Bloomberg) -- General Motors Corp. plans to sell its Hummer brand of sport-utility vehicles to Sichuan Tengzhong Heavy Industrial Machinery Co. Ltd., a Chinese equipment maker, according to five people familiar with the situation.
GM, which filed for bankruptcy protection yesterday, has a memorandum of understanding with the Chengdu, China-based company, said the people, who declined to be identified because the agreement is confidential. At least one other party is still interested in buying Hummer, though those talks are on hold, one of the people said.
The deal should be completed by the end of the third quarter, Detroit-based GM said in a statement today disclosing the memorandum of understanding. The biggest U.S. carmaker didn’t identify the buyer or financial terms of the accord. Hummer was estimated to be worth $500 million, Chief Executive Officer Fritz Henderson said in bankruptcy court documents.