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Monday April 11, 08:44
British Rover gets loan from government
(by Olivia Cohen)
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Collapsing British carmaker MG Rover will get a £6.5 million ($12.2 million) loan from the British government in an attempt to rescue the last major automaker from bankruptcy.
On Monday, the UK government agreed to provide funding to the company that faced a refusal from its Chinese partner.
Rover, the last major British-owned carmaker with 6,000 employees at its main plant at Longbridge in Birmingham, central England, collapsed on Friday after China’s Shanghai Automotive Industry Corp (SAIC) refused to sign a rescue deal with the bankrupt company. Earlier, British government refused to fund the company until it gets the approval of the deal with Chinese carmaker.
The British government agreed to fund Rover after the Sunday talks between Trade and Industry Secretary Patricia Hewitt, trade unions and government officials.
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