Cash-strapped car manufacturer MG Rover Group, the last major British-owned car manufacturer, succumbed to its mounting debts Friday and filed for bankruptcy protection after a deal with a Chinese automaker fell through and a government loan was not granted.
The 100-year-old carmaker, which once made the iconic Mini and the Land Rover, had hoped China’s Shanghai Automotive Industry Corp. would step in and invest in the company, allowing it to continue production.
But failure to secure a deal with SAIC forced the collapse of the company, putting 6,000 jobs at risk at its Longbridge plant near Britain’s second city Birmingham. Another 15,000 jobs could be affected at suppliers.
