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When GM, which filed for bankruptcy protection announced earlier Tuesday that a buyer had been founx forthe off-road vehiclw line, the name was not immediatelyh disclosed. Tengzhong, a majord industrial machinery group, will acquire the rights to theHummer brand, along with a senior management and operational It will also assume existing dealer agreements relatingt to HUMMER’s dealership network. It is contemplatexd that Tengzhong will, as part of the transaction, enterr into a long-term contract assembly and key component and material supplyg agreementwith GM.
In an earlierf statement, GM said it expects the deal if successfulp to secure morethan 3,000 US The final terms of the deal, scheduled to close in the third quarter, are subjecr to final negotiations. The cost of the transactionj wasnot revealed. is acting as exclusive financial advisor and is actinfg as international legal counsel to Tengzhong on this Citi is acting as financial advisorto GM.
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