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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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Why do the directors not spend some of their £10m the NOW by paying creditors and getting production back on track ?

It's as if they know things are very serious and are only going to put cash forward if the government jumps in with £100m first. They do not show optimism for others with their current actions. At the end of the day the money was siphoned from MGR in the first place - they are only looking to give it back.
 

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4 people can afford to thrown in £10M!!!

Then I say throw it in and show willing. Its their company after all.
 

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The interview was a very good one, both in terms of the questions that the reporter asked, and the frankness that Peter Beale answered them.

I do suspect that MG Rover may be buying into the scaremongering and attempting to bully the Government into giving the £100m before the deal has been signed.

As Peter Beale said, if the Government doesn't give the aid, Longbridge will close, and his closing statement was that they are not talking weeks!
 

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MGZRohno said:
Why do the directors not spend some of their £10m the NOW by paying creditors and getting production back on track ?

It's as if they know things are very serious and are only going to put cash forward if the government jumps in with £100m first. They do not show optimism for others with their current actions. At the end of the day the money was siphoned from MGR in the first place - they are only looking to give it back.
I've got to say, I am behind their actions 100%. I wouldn't put my own personal money in, not knowing whether the Chinese will actually sign. They are in a catch 22 situation, and I'm not sure how this can be sorted out.
 
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No the press created the mess. The P4 were doing very well with the SAIC deal until the press interferred and caused a collapse in sales.
 

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MGZRohno said:
So they won't put money in but expect someone else to first.

The P4 created this mess - not the government.
Are you Mega in disguise?

Or have you been reading too much drivel in The Grauniad
 

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The press created the panic this week but sales have been crashing month after month after month.

If it wasn't for the MG brand (credit to the P4 for that) then Rover would have gone many months or even years ago.
 
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Yes but the press kept putting the boot in and interferring. Its all down to the Press in London.


I wish the Sun would get behind MG Rover
 

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MGZRohno said:
The press created the panic this week but sales have been crashing month after month after month.

If it wasn't for the MG brand (credit to the P4 for that) then Rover would have gone many months or even years ago.
But the position was sustainable - the Press intervention have caused a confidence crash in their suppliers and have all but made them bankrupt.

If they do survive and the SAIC deal goes through, the suppliers in question have been pretty silly. Honour is a very big thing for both the Japanese and Chinese. They will see this as disloyalty and I doubt they will get any further business from the JV. Wagon in particular, going public about stopping supplies.
 

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i personally think this is very sad with all the money the country waists the government should plough money into rover and ensure it a future.
 

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the government should:
give them a loan
by their cars for police use
encourage us to buy mgrovers

we should as a site try to set up a way the public can donate i.e paypal by phone , the owner of this site must have connections.
 

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im worried about this, i have a rover and im worried bout not being able to get parts if i need them, i kno ive only had a rover for just over a year but i will be tottaly gutted if they go bust :sad3:
 

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What ever happens it's crunch time. The government may decied not to be held to ransom. So it may let MGR close. I think we need to be a bit more objective on this site. We always see it through the eyes of the P4. We are always so positive. Could it be we've been duped by the P4? I hope not, but lets be more grounded about all this.
 
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