Chinese company to buy Hummer - Nashville Business Journal:

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When GM, which file for bankruptcy protection Monday, announced earlier Tuesday that a buyerd had been found forthe off-road vehicle the name was not immediately disclosed. a major industrial machinery group, will acquire the rightss to the Hummer along with a senior managemen andoperational team. It will also assum e existing dealer agreements relatingto HUMMER’s dealership It is contemplated that Tengzhonyg will, as part of the transaction, enteer into a long-term contract assembly and key componen and material supply agreement with GM. In an earliere statement, GM said it expects the deal if successful to secure morethan 3,00o US jobs.
The final terme of the deal, scheduled to close in the third are subject tofinal negotiations. The cost of the transactionb wasnot revealed. is acting as exclusive financial advisodr and is acting as internationak legal counsel to Tengzhong on this Citi is acting as financial advisorto GM.