MG Rover halts Production

Originally Posted by BBC News Rover plant suspends production Production has halted at Rover's Longbridge factory MG Rover has suspended production at its Longbridge plant amid a shortage of component parts, the BBC has learned. The news comes as the group is locked in crucial talks in China Shanghai Automotive Industry Corp (SAIC) in a bid to save the firm and 6,000 jobs. If the talks fail MG Rover risks being forced into administration. Pressure has been mounting on the Trade Secretary Patricia Hewitt to grant a £100m bridging loan paving the way for the joint-venture.

http://news.bbc.co.uk/1/hi/business/4420507.stm


A crucial time for Rover it seems, either they get the china deal (need government loan ) So should government bail out a failing company again? tough one

[sndr]

I hope that they are going to make it but i don't think so

[No.1]

With regards to the government bailing them out, i think it is a waste of money.

At some point in history, the real Rover curled up into a ball and died. There is no point in plunging more cash into a failing company.

bad design, bad management, bad marketing, bad build-quality and the facelifts are not a plan for success. It's like a ventilator, keeping somebody alive, except it's not a somebody, so i have no quibbles in saying TURN THE DAMN LIFE SUPPORT OFF!!!

Okay, so it's one less car manufacturer, and a sad loss, but it's also one less thing to take the piss out of Britain for if the name dies.

Perhaps in 50 years time we may see a re-born Rover a la Bugatti

[Sir_GT]

^^^ Agreed. When those chaps bought the company for £1, there were already reports of money being taken out from the company to line their pockets, instead of it being reinvested. Now they want to sell the company to China to make a bundle and disappear... either that, or sell the assets to get some profit on top of their £1 investment.

Rover's been poo for a long time now. If they kill it, so what? It'll be just like British Leyland all over again. Gone but not forgotten.

[gbg]

Just got this news, sorry but I could only find it in Portuguese

Fabricante do jipe Land Rover vai à falência A montadora britânica MG Rover, produtora, entre outros modelos, do lendário jipe Land Rover, declarou falência porque não conseguiu concretizar seu plano de ser comprada pela chinesa Shanghai Automotive Industrial Corporation (Saic), anunciou nesta quinta-feira a secretária britânica de Comércio e Indústria, Patricia Hewitt. "Esta noite, a MG Rover anunciou que seu conselho administrativo decidiu recorrer aos administradores judiciais", declarou Hewitt em entrevista à imprensa. Fontes da Saic, citadas pela agência de notícias britânica Press Association, declararam que os fundos públicos britânicos para a Rover não puderam esperar e, por isso, "não pôde haver acordo".

It basically says that MG Rover filed for bankruptcy after not being bought by the Shanghai Automotive Industrial Corporation (Saic)

But after reading this http://news.bbc.co.uk/1/hi/business/4422705.stm they seem to be in a bigger trouble than I expected

Best wishes for them though

[RC45]

The car marker said it had merely asked accountancy firm PricewaterhouseCoopers to examine its books to determine exactly how bad the situation is.

Well - if the company doesn't know what it's own financial situation is - they deserve bankruptcy.

Sad that 6,000 people will lose their jobs... but you can bet your arse that the executives, accountants and other criminaly negligent big wigs will all bail out with million pound pay cheques... :x

[crayzayjay]

Keep making shitty cars, and no one will buy them. I feel sorry for the workers though.

Originally Posted by RC45 The car marker said it had merely asked accountancy firm PricewaterhouseCoopers to examine its books to determine exactly how bad the situation is. Well - if the company doesn't know what it's own financial situation is - they deserve bankruptcy. Sad that 6,000 people will lose their jobs... but you can bet your arse that the executives, accountants and other criminaly negligent big wigs will all bail out with million pound pay cheques... :x

yeo in fact i rememeber some controversy over some fund to the tune of 10-15 million being set up for the execs and their families :roll: And its not just the 6000 people but the suppliers too, though the government has found £40 million from somewhere to help them. My bet is the Chinese compnay picks up some or all of the remanants on the cheap.

[No.1]

Originally Posted by AL123 Originally Posted by RC45 The car marker said it had merely asked accountancy firm PricewaterhouseCoopers to examine its books to determine exactly how bad the situation is. Well - if the company doesn't know what it's own financial situation is - they deserve bankruptcy. Sad that 6,000 people will lose their jobs... but you can bet your arse that the executives, accountants and other criminaly negligent big wigs will all bail out with million pound pay cheques... :x yeo in fact i rememeber some controversy over some fund to the tune of 10-15 million being set up for the execs and their families :roll: And its not just the 6000 people but the suppliers too, though the government has found £40 million from somewhere to help them. My bet is the Chinese compnay picks up some or all of the remanants on the cheap.

Just watched BBC Working Lunch www.bbc.co.uk/workinglunch (to watch the programme) and they said that the £40million will go to the workers, and none of it to the companies which MG Rover owes. These companies have to get in touch with the administrators... they start after the weekend.

On a side note, they mentioned now would be a good time to buy a car of theirs The expert (from What car comany) said avoid the Rovers, but go for the MG models.

Another said that in the 4 years the current owners have only produced an £80k (non-profitable) sports car, and stuck a V8 in the 75 (not really worthwile).

Interestingly, another company may be able to buy the MG TF from them, to build as their own car, but BMW apparently still have som of the rights associated with MG... could get ugly then

Originally Posted by thenumber1 Originally Posted by AL123 Originally Posted by RC45 The car marker said it had merely asked accountancy firm PricewaterhouseCoopers to examine its books to determine exactly how bad the situation is. Well - if the company doesn't know what it's own financial situation is - they deserve bankruptcy. Sad that 6,000 people will lose their jobs... but you can bet your arse that the executives, accountants and other criminaly negligent big wigs will all bail out with million pound pay cheques... :x yeo in fact i rememeber some controversy over some fund to the tune of 10-15 million being set up for the execs and their families :roll: And its not just the 6000 people but the suppliers too, though the government has found £40 million from somewhere to help them. My bet is the Chinese compnay picks up some or all of the remanants on the cheap. Just watched BBC Working Lunch www.bbc.co.uk/workinglunch (to watch the programme) and they said that the £40million will go to the workers, and none of it to the companies which MG Rover owes. These companies have to get in touch with the administrators... they start after the weekend.

Well if thats the case then one part of the BBC should talk to the others LOL

Originally Posted by BBC News Earlier, the government said a £40m support package had been put in place for the many firms in the area that supply MG Rover.

thats pretty clear unless they have changed thier minds already. But now Mr Blair has got involved we have nothing to worry about :roll:

[Sm@ck]

Hey at least Mini, and Landrover are not affected. So in a way part of rover lives on.

Originally Posted by Sm@ck Hey at least Mini, and Landrover are not affected. So in a way part of rover lives on.

hey thats NEW mini at least on JW anyway But yeh they were stripped of their best assets long ago and IMO any stay of excecution is likely to be temporary.

[mindgam3]

lol, no one knows whats going on with Rover, not even different members of the company... one things for sure though; its going down the shitter

[neilo63]

Oh well rover doesnt really excite me but still it is a shame to see a company like theirs go down.