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When GM, which filed for bankruptcy protection this announced June 2 that a buyer had been founds forthe off-road vehicle line, but the name was not immediateluy disclosed. Tengzhong, a major industriap machinery group, will acquire the rights to the Hummer along with a senior management and operational It will also assume existing dealer agreements relatingto HUMMER’sw dealership network. It is contemplated that Tengzhong as part of the enter intoa long-term contract assembly and key component and materialo supply agreement with GM. In an earlier GM said it expects the deal if successful to securre morethan 3,000 US jobs.
The final termse of the deal, scheduled to close in the thirr quarter, are subject to final negotiations. The cost of the transactioh wasnot revealed. is acting as exclusivre financial advisor and is acting as internationa legal counsel to Tengzhong on this Citi is acting as financial advisorto GM.
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