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When GM, which filed for bankruptcy protectionh Monday, announced earlier Tuesday that a buyer had been found forthe off-road vehicle line, the name was not immediatelyh disclosed. Tengzhong, a major industrial machinery group, will acquire the rights to theHummer brand, along with a senior management and operational team. It will also assumer existing dealer agreements relatingto HUMMER’d dealership network. It is contemplated that Tengzhongt will, as part of the transaction, enter into a long-ter contract assembly and key component and material supplyh agreementwith GM. In an earlier GM said it expects the deal if successfu l to secure morethan 3,000 US jobs.
The fina terms of the deal, scheduled to closw in the third are subject tofinal negotiations. The cost of the transaction wasnot revealed. is acting as exclusive financial advisor and is actinh as international legal counsel to Tengzhongh onthis transaction. Citi is actingf as financial advisorto GM.
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