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BRITAIN
Carmaker thrown short towrope
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An MG Rover dealership in Southampton, southern England
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The government announced an $11.7 million loan to MG Rover on April 10 to keep the last major British-owned automaker afloat for a week and resurrect a crucial rescue deal.
The iconic company, which employs 6,000 people at its main plant in Birmingham and once enjoyed close links with Honda, had filed for bankruptcy protection after the Shanghai Automotive Industry Co. pulled out of talks aimed at a takeover. If there is no eleventh hour agreement, MG Rover will be broken up and sold off to repay creditors.
The Japan Times Weekly: April 16, 2005 (C) All rights reserved
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