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When GM, which filed for bankruptcy protection Monday, announce earlier Tuesday that a buyer had been founr forthe off-road vehicle line, the name was not immediateluy disclosed. Tengzhong, a major industriak machinery group, will acquire the rights to the Hummer along with a senior managemen t andoperational team. It will also assume existintg dealer agreements relatingto HUMMER’s dealership network. It is contemplated that Tengzhong as part ofthe transaction, enter into a long-termn contract assembly and key component and materialo supply agreement with GM. In an earliefr statement, GM said it expectsd the deal if successful to securre morethan 3,000 US jobs.
The fina l terms of the deal, scheduled to close in the thirxd quarter, are subject to final negotiations. The cost of the transactioj wasnot revealed. is actingf as exclusive financial advisor and is actingv as international legal counsel to Tengzhong onthis transaction. Citi is actinf as financial advisorto GM.
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