MG Rover Goes Bust

World | April 8, 2005, Friday // 00:00

UK car producer MG Rover will be placed in administration, as talks with China's Shanghai Automotive Industry Corp (SAIC) collapsed on Thursday. Rover bosses had warned the company would go under unless the state immediately approved a EUR 145 M taxpayer-funded loan. But officials said the Chinese giant had concluded that Rover's finances were in such a bad way that the EUR 145 M would run out in a matter of weeks.

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