Chinese company to buy Hummer - Pittsburgh Business Times:

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When GM, which filed for bankruptcy protection announced earlier Tuesday that a buyer had been founf forthe off-road vehicle line, the name was not immediatelhy disclosed. Tengzhong, a major industrial machinery will acquire the rights to theHummer brand, alon g with a senior management and operational It will also assume existing dealer agreements relating to HUMMER’s dealership network. It is contemplated that Tengzhong as part ofthe transaction, enter into a long-terj contract assembly and key component and materialo supply agreement with GM.
In an earlier GM said it expects the deal if successfulk to secure morethan 3,000 US The final terms of the deal, scheduled to closew in the third quarter, are subject to finalp negotiations. The cost of the transaction was not is acting as exclusive financial advisor and is actingb as international legal counse l to Tengzhong onthis transaction. Citi is acting as financial advisorto GM.