General Motors Corp. (GMGMQ.PK), now known as Motors Liquidation Co. (MTLQQ.PK), is nearing an agreement to sell its Hummer sport-utility vehicle business to China's Sichuan Tengzhong Heavy Industrial Machinery Co. for about $150 million, media reports on Thursday citing to people familiar with the deal.
The parties are trying to reach a deal October 9, said the people. GM estimated the brand's value at $500 million in bankruptcy court documents.
The sale requires the acceptance of regulators in the U.S. and China. Sichuan Tengzhong intends to apply for Chinese approval once a binding agreement with Detroit-based GM is made, the people said.
For comments and feedback: editorial@rttnews.com