Chinese Buyer First Winner From GM Fire Sale

A day after making corporate history by filing for bankruptcy protection on its centenary, US automaker General Motors (GM) announced that it finally secured a buyer for its Hummer brand. This is just the beginning of the fire sale, in which GM is also looking to offload its Saab, Saturn and Pontiac brands. China's Sichuan Tengzhong Heavy Industrial Machinery is thought to have paid around US$500mn for the rugged brand, although the price was undisclosed.

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