Deadline Extended for Completion of HUMMER Sale

[dwaxman1]

Deadline Extended for Completion of HUMMER Sale



Sun, Jan 31, 2010



Hummer News



General Motors had hoped it could unload its HUMMER brand to China’s Sichuan Tengzhong by the end of January, but as the month came to a close today the two decided to extend the deadline until the end of February.



The definitive agreement between the two companies signed last year was set to expire on the 31st of January, but a HUMMER spokesperson said that both parties agreed to extend the deadline by a month while they wait on Chinese regulatory approval.



“While the transaction approval process is not proceeding as quickly as originally forecasted, we’re optimistic about the progress that has occurred to date,” Jim Taylor, Hummer’s chief executive officer, said in an e-mailed statement. “There are more than 3,000 people directly employed in the design, build and sale of Hummer vehicles. As such, we are committed to giving the sale every reasonable opportunity toward a successful conclusion.”



Source: Bloomberg