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GM’s sale of Hummer delayed one month, brand’s future in question

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GM’s sale of Hummer delayed one month, brand’s future in question

02/01/2010, 9:25 AMBY DREW JOHNSON

It looks as though General Motors will finally be able to complete the sale of its Saab brand, but the fate of GM’s Hummer brand is looking more uncertain by the day. After a number of previous delays, Hummer’s intended buyer – China’s Sichuan Tengzhong Heavy Industrial Machinery Co. – has announced a one month delay for the completed sale of the Hummer brand.

Per the contracted penned by GM in October 2009, Sichuan Tengzhong Heavy Industrial Machinery Co. was required to complete the acquisition of Hummer by January 31st. However, that deadline has now passed, with Tengzhong claiming a new deadline has been set for the end of February.

“GM and Tengzhong agreed to extend the deadline to the end of February,” the Chinese firm said in a statement on Monday.

However, even a late February deadline for a competed sale looks optimistic at this point. As was the case in October, China’s Ministry of Commerce has yet to receive an application for Tengzhong’s purchase of the Hummer brand, according to Automotive News. China’s review process can be quite lengthy, putting the new late February deadline in jeopardy.

link:

http://www.leftlanenews.com/gms-sale-of-hummer-delayed-one-month-brands-future-in-question.html

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