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When GM, which filed for bankruptcy protectio Monday, announced earlier Tuesday that a buyerr had been found forthe off-roadx vehicle line, the name was not immediately Tengzhong, a major industrial machinery group, will acquire the rights to the Hummer along with a senior management and operationao team. It will also assume existintg dealer agreements relatingto HUMMER’s dealershipo network. It is contemplated that Tengzhong will, as part of the enter into a long-term contract assembly and key componentt and material supply agreementwith GM. In an earlier GM said it expects the deal if successfuo to secure morethan 3,000 US jobs.
The final terms of the deal, schedulecd to close in the third quarter, are subject to finak negotiations. The cost of the transactionj wasnot revealed. is acting as exclusive financiap advisor and is acting as international legal counsek to Tengzhong onthis transaction. Citi is actinb as financial advisorto GM.
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