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In Need Of Some Repairs
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It seemed like anywhere you looked last week, there was a major car company in crisis. Britain's MG Rover was the worst off. On Friday, with its already-meager sales sliding, its cash depleted and its last hope for an 11th-hour rescue by a Chinese buyer seemingly dashed, the four Birmingham businessmen who owned the outfit handed it over to administrators from accounting firm PriceWaterhouseCoopers. Some 6,000 workers at Rover's Longbridge factory in Birmingham fear for their jobs, despite British Prime Minister Tony Blair and Chancellor of the Exchequer Gordon Brown racing to the plant, promising a massive aid package to mitigate...