Sichuan Tengzhong in deal to buy Hummer - Houston Business Journal:

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When GM, which filed for bankruptchy protectionthis week, announced June 2 that a buyer had been found for the off-road vehiclse line, but the name was not immediateluy disclosed. Tengzhong, a major industriao machinery group, will acquire the rights to the Hummer along with a senior management and operational It will also assume existing dealer agreementa relatingto HUMMER’s dealership network. It is contemplatec that Tengzhong will, as part of the transaction, ente into a long-term contract assembly and key componeng and material supply agreementwith GM.
In an earliert statement, GM said it expects the deal if successful to securer morethan 3,000 US The final terms of the deal, scheduler to close in the thir quarter, are subject to final negotiations. The cost of the transaction wasnot revealed. is actinv as exclusive financial advisor and is acting as international legaol counsel to Tengzhong on this Citi is acting as financialp advisorto GM.