www.xinhuanet.com
XINHUA online
CHINA VIEW
VIEW CHINA
 Breaking News URGENT: Earthquake jolts Tibet    Urgent:Blast kills one in downtown Cairo    FLASH: UN VOTES TO SET UP INDEPENDENT PANEL TO INVESTIGATE MURDER OF EX-LEBANESE PM RAFIQ HARIRI     China strongly objects EU's restrictions on textiles    Urgent: Khalilzad to be named new US ambassador to Iraq    URGENT: Khatami says Iran, EU make progress on nuclear issue    
Home  
China  
World  
Business  
Technology  
Opinion  
Culture/Edu  
Sports  
Entertainment  
Life/Health  
Travel  
Weather  
  About China
  Map
  History
  Constitution
  CPC & Other Parties
  State Organs
  Local Leadership
  White Papers
  Statistics
  Major Projects
  English Websites
  BizChina
- Conferences & Exhibitions
- Investment
- Bidding
- Enterprises
- Policy update
- Technological & Economic Development Zones
Source Manufacturers and Suppliers from China and around the world
   News Photos Voice People BizChina Feature About us   
British carmaker MG Rover starts bankruptcy procedures
www.chinaview.cn 2005-04-08 13:54:50

    LONDON, April 8 (Xinhuanet) -- MG Rover, Britain's last independent carmaker, has gone into receivership after rescue talks with a potential Chinese partner failed, the British government said on Thursday.

    The receivership is a form of bankruptcy protection under whicha court-appointed third party takes control of the business.

    "MG Rover has announced that their board has decided to call inthe receivers," Trade and Industry Secretary Patricia Hewitt told a press conference.

    The carmaker has been struggling to break even since it was sold four years ago by Germany's BMW to four businessmen in central England.

    The government has been making efforts to help the 100-year-oldcompany reach an agreement with China's Shanghai Automotive Industry Corp. (SAIC) before the general election in May to prevent it from collapsing with the loss of several thousand jobs.

    MG Rover and SAIC have been in talks for six months to create ajoint venture that would give SAIC a foothold in Europe and rejuvenate the model range of Rover, but the deal appears to have stalled.

    Earlier Thursday, MG Rover said it had halted production at itsLongbridge plant in Birmingham, central Britain, and called on thegovernment to firm up its offer of a 100 million pound (190 million US dollars) bridging loan to keep the company solvent and assist the proposed deal. Enditem

  Related Story
Copyright ©2003 Xinhua News Agency. All rights reserved.
Reproduction in whole or in part without permission is prohibited.