GM’s Hummer Said to Draw Interest From China, Private Equity

[Javaman]

http://www.bloomberg.com/apps/news?pid=20601014&sid=absQFSwYCEkY

Feb. 12 (Bloomberg) -- General Motors Corp., planning asset sales to keep $13.4 billion in U.S. loans, has attracted interest in its Hummer brand of light trucks from a Chinese company and a private-equity firm, people familiar with the talks said.

The pace of negotiations has intensified in the past few weeks, said the people, who wouldn’t name the suitors and asked not to be identified because the discussions are private. More meetings are scheduled this week, one person said.

“The Hummer review is progressing and an update is due by the end of the first quarter,” said GM spokeswoman Joanne Krell, who wouldn’t comment on any bidders.

Unloading the sport-utility vehicle unit would move GM closer to the goal of showing its future viability to the U.S. Treasury by Feb. 17. If the biggest U.S. automaker can’t prove its ability to return to profit, it could be told to give up the loans or use the cash for a government-funded bankruptcy.