RAGT just can't catch a break..

Discussion in 'Road Cycling' started by sonarrat, Apr 15, 2005.

  1. sonarrat

    sonarrat Guest

    Secondary sponsor MG Rover has officially gone under. It was very wise
    for their only talented rider, Tour de l'Avenir winner Sylvain Calzati,
    to jump to AG2R in the off-season...

    --

    MG Rover to Fire Workers as Takeover Talks Collapse (Update6)
    April 15 (Bloomberg) -- MG Rover Group Ltd., the British maker of MG
    sports cars, plans to fire about 5,000 workers after Shanghai Automotive
    Industry Corp. scrapped takeover talks and left the insolvent company
    near collapse.

    Closely held MG Rover, which employs 6,100 workers at its Longbridge
    factory, is losing 25 million pounds ($47 million) a month. It ran out
    of options for further funding, said the company's administrator,
    PricewaterhouseCoopers, in a statement.

    The end of MG Rover, which dates back 100 years, may affect a further
    25,000 manufacturing jobs at parts suppliers and be a setback for Prime
    Minister Tony Blair, who's seeking re-election May 5. Blair's government
    loaned MG Rover 6.5 million pounds to pay workers' wages this week after
    the company halted production.

    ``This is devastating news for the workers, their families and the wider
    community,'' said Patricia Hewitt, secretary of state for trade and
    industry, in an e-mailed statement.

    The government will offer a package of aid for workers, she said. The
    aid may be worth 150 million pounds, Sky News reported, citing
    unidentified sources.

    Chancellor of the Exchequer Gordon Brown will delay a U.S. trip to visit
    Rover workers in Birmingham, England today. Blair will be campaigning
    today in the West Midlands region, where the Longbridge factory is located.

    At its peak in the 1960s, the carmaker employed 250,000 and Longbridge
    was one of the biggest car factories in the world. The company produced
    40 percent of the cars bought in the U.K., including Triumph, Austin,
    Land Rover and Morris brands. MG Rover has less than 3 percent of the
    U.K. market today.
     
    Tags:


  2. Expect BMW or someone to pick up the name badge and make a bunch of
    little
    run-abouts, a la Cooper.


    sonarrat wrote:
    > Secondary sponsor MG Rover has officially gone under. It was very

    wise
    > for their only talented rider, Tour de l'Avenir winner Sylvain

    Calzati,
    > to jump to AG2R in the off-season...
    >
    > --
    >
    > MG Rover to Fire Workers as Takeover Talks Collapse (Update6)
    > April 15 (Bloomberg) -- MG Rover Group Ltd., the British maker of MG
    > sports cars, plans to fire about 5,000 workers after Shanghai

    Automotive
    > Industry Corp. scrapped takeover talks and left the insolvent company


    > near collapse.
    >
    > Closely held MG Rover, which employs 6,100 workers at its Longbridge
    > factory, is losing 25 million pounds ($47 million) a month. It ran

    out
    > of options for further funding, said the company's administrator,
    > PricewaterhouseCoopers, in a statement.
    >
    > The end of MG Rover, which dates back 100 years, may affect a further


    > 25,000 manufacturing jobs at parts suppliers and be a setback for

    Prime
    > Minister Tony Blair, who's seeking re-election May 5. Blair's

    government
    > loaned MG Rover 6.5 million pounds to pay workers' wages this week

    after
    > the company halted production.
    >
    > ``This is devastating news for the workers, their families and the

    wider
    > community,'' said Patricia Hewitt, secretary of state for trade and
    > industry, in an e-mailed statement.
    >
    > The government will offer a package of aid for workers, she said. The


    > aid may be worth 150 million pounds, Sky News reported, citing
    > unidentified sources.
    >
    > Chancellor of the Exchequer Gordon Brown will delay a U.S. trip to

    visit
    > Rover workers in Birmingham, England today. Blair will be campaigning


    > today in the West Midlands region, where the Longbridge factory is

    located.
    >
    > At its peak in the 1960s, the carmaker employed 250,000 and

    Longbridge
    > was one of the biggest car factories in the world. The company

    produced
    > 40 percent of the cars bought in the U.K., including Triumph, Austin,


    > Land Rover and Morris brands. MG Rover has less than 3 percent of the


    > U.K. market today.
     
  3. sonarrat

    sonarrat Guest

    [email protected] wrote:
    > Expect BMW or someone to pick up the name badge and make a bunch of
    > little
    > run-abouts, a la Cooper.


    BMW already "picked up" MG Rover, then abandoned them in 2001 while
    sniping the rights to the Mini name. The Land Rover division was turned
    over to Ford. The operation was so sour by that time that they only
    managed to convince a company called Phoenix to take MG Rover by
    offering a 427,000,000 pound, interest free loan, and Phoenix responded
    by ponying up a selling price of 10 pounds (not a typo) for MG Rover...

    -Sonarrat.
     
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