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5 years ago
Taxi maker Manganese Bronze in bailout talks with Geely: paper
October 14, 2012 / 11:42 AM / 5 years ago

Taxi maker Manganese Bronze in bailout talks with Geely: paper

LONDON (Reuters) - Executives from Chinese car maker Geely Automobile Holdings Ltd (0175.HK) will fly into Britain on Monday for emergency talks that may lead to a bailout of London black taxi maker Manganese Bronze Holdings Plc MNGS.L, the Sunday Times reported.

The British newspaper said on Sunday without citing sources that Manganese Bronze was expected to discuss a cash injection with Geely as the maker of London's famous black cabs had no income stream for the foreseeable future.

Geely owns a 20 percent stake in Manganese Bronze, which suspended trading in its shares on Friday and said its financial position was unclear after it discovered a safety defect in its new TX4 model that led to a recall and halt in sales.

Neither Geely or Manganese Bronze was available for comment.

Reporting by Brenda Goh; Editing by Louise Heavens

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