by Staff Writers
London (AFP) Oct 22, 2012
The company that makes London's iconic black taxis collapsed into administration on Monday but was hopeful of receiving a financial rescue amid reports of a possible Chinese lifeline.
"Manganese Bronze Holdings PLC, the manufacturer of the world famous London taxi, today announces that discussions with various parties to secure funding on acceptable terms to address the group's financial needs have proved unsuccessful.
"The board has therefore concluded that the group is no longer a going concern and has filed notice of intention to appoint administrators," the company said in a statement.
"The board remains hopeful that the fundamental strengths of the company... and its global reputation will provide the platform for a successful business in the future," it added.
Reports said the firm, based in the city of Coventry, central England, was in talks with Chinese private automaker Geely, which owns 20 percent of Manganese, over a possible loan worth £15 million ($24 million, 18.4 million euros).
Manganese was recently forced to recall hundreds of its taxis owing to a safety defect in its new TX4 model. The firm that employs almost 300 staff also recently said that its half-year losses had widened to £3.6 million.
Administration refers to the process whereby a troubled company calls upon independent expert financial help in a bid to remain operational.
Car Technology at SpaceMart.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|