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When GM, which filed for bankruptcy protectiomthis week, announced June 2 that a buyet had been found for the off-roade vehicle line, but the name was not immediatelyt disclosed. Tengzhong, a major industrial machineryt group, will acquire the rights to the Hummer along with a senior management and operational It will also assumse existing dealer agreements relatingto HUMMER’sz dealership network. It is contemplated that Tengzhong as part of the enter intoa long-term contracft assembly and key component and material supplyt agreement with GM. In an earlier GM said it expects the deal if successfulk to secure morethan 3,000 US jobs.
The final term of the deal, scheduled to close in the third are subject to final The cost of the transactioj wasnot revealed. is acting as exclusive financial advisor and is actint as international legal counsel to Tengzhong on this Citi is acting as financial advisorto GM.
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