GM has found buyer for Hummer: Report
June 2nd, 2009 - 11:28 am ICT by IANSNew York, June 2 (DPA) General Motors is expected to announce later Tuesday the tentative sale of its muscle Hummer brand, but won’t identify the buyer or price until later, The Wall Street Journal reported.
The announcement is to be made on its first day of bankruptcy court proceedings after the country’s largest car maker and the White House announced Monday that GM would pursue protection under US bankruptcy laws.
The Journal quoted people familiar with the Hummer deal, which would provide for GM to continue producing H2 and H3 trucks and SUVs for the buyer at Louisiana and Indiana plants.
GM has already announced the death of its other muscle brand, Pontiac, and is seeking buyers for Saturn and Saab. The Journal quoted one person as saying that Hummer may be headed to a similar fate as Pontiac if no buyer was found by early June.
GM’s European brands Opel and Vauxhall, which are not part of the US bankruptcy, are in the process of being sold off to Canadian-Austrian auto parts manufacturer Magna and a Russian partner, with the aid of the German government.
GM hopes to emerge from bankruptcy within 60-90 days as a new, leaner firm that has jettisoned its $27 billion in debt. The US government will take 60 percent ownership and Canadian government 12 percent.
- GM to close down Hummer as its sale to Chinese firm fails - Feb 25, 2010
- GM files for bankruptcy, to eleminate over 30,000 jobs (Second Lead) - Jun 01, 2009
- GM Ends Contract With Pontiac Today, Goodbye, GTO & Trans Am - Nov 01, 2010
- GM to sell off its Opel subsidiary - Sep 10, 2009
- General Motors files for bankruptcy (Lead) - Jun 01, 2009
- GM to sell off 55 percent of Opel subsidiary (Lead) - Sep 11, 2009
- GM sells Hummer - Jun 02, 2009
- GM close to bankruptcy exit, sale to government - Jul 10, 2009
- GM board refuses to accept Canada's Magna as Opel winner (Lead, changing dateline) - Aug 22, 2009
- GM to recall over 160,000 Hummers - May 06, 2010
- Opel decision only before Frankfurt auto show - Aug 26, 2009
- General Motors statement on auto industry restructuring - Mar 30, 2009
- GM announces new cost cuts, axes Pontiac for survival - Apr 27, 2009
- Opel, Vauxhall bankruptcy staved by Obama deal - May 30, 2009
- New start for GM as it exits bankruptcy - Jul 11, 2009
Tags: auto parts manufacturer, bankruptcy court proceedings, bankruptcy laws, canadian government, car maker, dpa, general motors, german government, gm, hummer, indiana plants, magna, opel, pontiac, saab, saturn, suvs, us government, vauxhall, wall street journal