MG Rover

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7th April 2005

MG Rover calls on UK Government to decide on loan

Today MG Rover called on the Government to make a decision on the bridging loan which will open the way to the car maker completing complex negotiations with the Chinese company SAIC. The loan is crucial if the partnership is to be established.

Peter Beale, PVH vice chairman commented:” We requested the bridging loan from the Government to provide the additional time needed to complete our partnership with SAIC. The PVH directors will provide £10 million of personal money to convince the Government of our commitment. What we need now is the Government to decide.

“Speculation about the ability of MG Rover to survive will continue to mount as long as the decision on the loan is delayed. The speculation has affected the confidence of our suppliers and dealers and time is clearly running out.”

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