One of the articles I saw was that the gov't wanted the
PVH directors to put up 19 million Pounds.
eric wrote:
> MEDIA RELEASE from PHOENIX HOLDINGS
>
> MG Rover calls on UK Government to decide on loan
>
> Today MG Rover called on the Government to make a decision on the
> bridging loan which will open the way to the car maker completing
> complex negotiations with the Chinese company SAIC. The loan is crucial
> if the partnership is to be established.
>
> Peter Beale, PVH vice chairman commented: We requested the bridging
> loan from the Government to provide the additional time needed to
> complete our partnership with SAIC. The PVH directors will provide #10
> million of personal money to convince the Government of our commitment.
> What we need now is the Government to decide.
>
> Speculation about the ability of MG Rover to survive will continue to
> mount as long as the decision on the loan is delayed. The speculation
> has affected the confidence of our suppliers and dealers and time is
> clearly running out.
>
> Ends
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