Chinese company to buy Hummer - Charlotte Business Journal:

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When GM, which filed for bankruptcy protection Monday, announced earliert Tuesday that a buyer had been found forthe off-roas vehicle line, the name was not immediately disclosed. a major industrial machinery group, will acquire the rightas to theHummer brand, along with a seniorr management and operational team. It will also assums existing dealer agreements relatingto HUMMER’s dealership It is contemplated that Tengzhong as part of the transaction, entef into a long-term contract assembly and key component and material supplyh agreement with GM. In an earlier statement, GM said it expects the deal if successful to secure morethan 3,00o US jobs.
The final terms of the scheduled to close in thethirs quarter, are subject to final negotiations. The cost of the transactionh wasnot revealed. is acting as exclusive financial advisor and is actingg as international legal counsel to Tengzhong on this Citi is acting as financial adviso rto GM.