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More time for MG Rover

12 April 2005

Administrators might have more time to reopen negotiations with Shanghai Automotive Industry Corporation or find a buyer for MG Rover.

MG Rover's parent company is investigating whether assets can be turned into a cash injection

Administrators might have more time to reopen negotiations with Shanghai Automotive Industry Corporation or find a buyer for MG Rover.

The Department for Trade and Industry’s £6.5 million lifeline will temporarily keep the company running and has given administrators Price Waterhouse Coopers until Monday, April 18, to find a partner or buyer for MG Rover.

There could now be more time, however, following the offer of any remaining assets from the directors of MG Rover’s parent company, Phoenix Venture Holdings.

Price Waterhouse Coopers said it is currently looking at the offer to see whether these assets, such as a conference centre owned by the company, can actually be turned into an injection of cash, however.

Without extra cash Price Waterhouse Coopers has just five days left to salvage MG Rover’s future. The manufacturer’s Longbridge plant remains closed in the meantime.

MG Rover buyers and owners are also left in an uncertain position. Read through the Q&A feature on Whatcar.com to find out how the company’s woes could affect you.

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