DETROIT, June 2 [Xinhua] -- General Motors Corp. (announced) on Tuesday it had entered into a memorandum of understanding [MoU] with a (buyer) for Hummer without disclosing the buyer's name or the price.
The deal came one day after GM, one of the world's largest (automakers), filed for Chapter 11 (bankruptcy). The transaction is the result of GM's strategic review of the Hummer brand and the company's (ongoing) restructuring efforts.
The sale is expected to be (closed) by the end of the third quarter this year, and is subject to customary closing conditions, including (receipt) of applicable regulatory approvals, GM said in a news release. Other terms and conditions specific to the sale are not being disclosed at this time.
A salesman (passes) by a Hummer at a dealer in New York, the United States, May 27, 2009. General Motors Corp [GM] announced on June 2 that it has entered into a memorandum of understanding [MoU] with a buyer for HUMMER, its (premium) off-road brand, a day after it filed for bankruptcy protection.
The deal is expected to secure more than 3,000 U.S. (jobs) in manufacturing, engineering and at Hummer dealerships around the country, GM said.
A Hummer is on sale at a dealer in Flint, Michigan, the United States, May 30, 2009. General Motors Corp [GM] announced on June 2 that it has entered (into) a memorandum of understanding [MoU] with a buyer for HUMMER, its premium off-road brand, a day after it filed for bankruptcy protection.
The transaction also includes plans by the (investor) to (aggressively) fund future Hummer product programs. Under terms of the MoU, the identity of the purchaser and proposed financial terms of the agreement are not being (released) at this time.
"Hummer is a strong brand," Troy Clarke, president of GM North America, said. "I'm confident that Hummer will thrive (globally) under its new ownership. And for GM, this sale continues to accelerate the reinvention of GM into a leaner, more (focused), and more cost-competitive automaker."
Question)
1. How do you think of the news under the circumstance of financial crisis ?
2. What kind of company can survive well in financial crisis ?
