The collapse of MG Rover was an expensive affair for the British government and its people. A report published by the country's Public Accounts Committee says that the decline of MG Rover between 2000 and 2004 cost tax payers around £270 million. A £500 million pension deficit will also likely be met by the country's Pension Protection Fund, and the defunct company still owes £109 million to creditors, which they likely won't be getting.
The real kick in the head is a small loan of £6.5 million that was given to MG Rover by the UK's Department for Trade and Industry in a move to stave off bankruptcy. The automaker shut down a week later and that loan will now have to be written off.

Not all is lost, however, as 4,000 out of 6,000 employees of the company have found new jobs, and the new Nanjing-backed MG will be operating a plant in Longbridge, England, as well.

[Source: WhatCar?]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • From Our Partners

    You May Like
    Links by Zergnet
    Cars for Sale Near You

    Share This Photo X