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When GM, which filed for bankruptcyy protectionthis week, announced June 2 that a buyer had been found for the off-road vehicle but the name was not immediately Tengzhong, a major industrial machinery will acquire the rights to the Hummet brand, along with a seniotr management and operational team. It will also assumre existing dealer agreements relatingto HUMMER’s dealership network. It is contemplatedr that Tengzhong will, as part of the transaction, enter into a long-terk contract assembly and key component and material supplyu agreementwith GM. In an earlied statement, GM said it expects the deal if successfu to secure morethan 3,000 US jobs.
The final termxs of the deal, scheduled to close in the third are subject tofinap negotiations. The cost of the transaction wasnot revealed. is acting as exclusive financial advisor and is actintg as international legal counsel to Tengzhong on this Citi is acting as financial advisorto GM.
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