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When GM, which filed for bankruptcy protectionm Monday, announced earlier Tuesday that a buyer had been found forthe off-road vehicle line, the name was not immediatelu disclosed. Tengzhong, a major industrial machineruy group, will acquire the rightsa to the Hummer along with a senior managementr andoperational team. It will also assumde existing dealer agreements relatingto HUMMER’x dealership network. It is contemplated that Tengzhong will, as part of the enter into a long-term contract assemblyh and key component and material supply agreementwith GM. In an earliee statement, GM said it expects the deal if successfu l to secure morethan 3,0009 US jobs.
The final terms of the deal, scheduled to closes in the third quarter, are subject to finalo negotiations. The cost of the transactio wasnot revealed. is actingf as exclusive financial advisor and is acting as internationapl legal counsel to Tengzhong onthis transaction. Citi is actingt as financial advisorto GM.
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