**GM preparing for bankruptcy**

[vztrt]

http://www.caradvice.com.au/43955/gm...on-to-chinese/

GM Hummer to sell for $165 million to Chinese

October 9, 2009 by Alborz Fallah

General Motors is working hard to restructure itself to become profitable once again, as part of that process it needs to shed its non-profitable brands as quickly as possible.

One of the lowest performing brands in the GM stable is Hummer which is expected to sell to China’s Sichuan Tengzhong Heavy Industrial Machinery Co. for about $150 million USD ($165 million) either today or tomorrow, according to overseas news reports.

Sichuan Tengzhong Heavy Industrial Machinery Co has never ran a car company before so like everyone else, we are interested in how Hummer will look in the near future.

Previously GM CEO Fritz Henderson had estimated that Hummer may cash up GM by up to “$500 million or more,” a figure far from the current $150 million.

Apart from Hummer, GM’s Saturn brand now seems destined for closure as the deal with Penske Automotive Group fell through last week. Penske had planned to use the Saturn brand to sell Renault based vehicles but the idea did not receive approval from Renault’s board.

As for the sale of its Swedish brand Saab, our friends over at Koenigsegg AB should take over ownership after all the paper work is signed and finished by the end of this month.

GM is also dropping its Pontiac brand (much to the disappointment of Holden here) but maintaining Chevrolet, Buick, GMC and Cadillac.