[ROVERNET - UK] Press release from MGR re Loans & China

[Peter Huttemeier]

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.”

Ends.




Cheers,

Peter H