MG Rover starts bankruptcy procedures

Britain’s last major carmaker was forced to stop production and start bankruptcy procedures after waiting too long for a loan that was delayed by the government. Rover needed a $188 million loan to secure an alliance with a Chinese automaker. In that time, the Chinese firm backed out saying “there could be no deal”. The loss of MG Rover would put a real dent in Britain’s car making industry and it would be ashamed to lose the 100 year-old automaker.

By avant1963@cheersandgears.com
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Britain’s last major carmaker was forced to stop production and start bankruptcy procedures after waiting
too long for a loan that was delayed by the government. Rover needed a $188 million loan to secure an
alliance with a Chinese automaker. In that time, the Chinese firm backed out saying “there could be no
deal”. The loss of MG Rover would put a real dent in Britain’s car making industry and it would be ashamed to lose
the 100 year-old automaker.