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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, Oct 14 (Reuters) - Executives from Chinese car maker Geely Automobile Holdings Ltd will fly into Britain on Monday for emergency talks that may lead to a bailout of London black taxi maker Manganese Bronze Holdings Plc, 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.

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