MG Sport and Racing is third Rover unit to file for bankruptcy

LONDON: MG Sport and Racing Ltd became the third MG Rover company to file for bankruptcy, appointing on Tuesday PricewaterhouseCoopers as its administrators. MG Sport and Racing joins MG Rover Group and Powertrain Ltd, which also named PwC as their administrators and filed for bankruptcy last Friday.

MG Sport and Racing makes high performance sports cars and leads MG Group's motor sports activities. It is a standalone business and PwC is planning to market the company for sale separately to the other businesses.

“There is an immediate opportunity for an investor to acquire a niche car manufacturer that has unique design and production capabilities,” said Steven Pearson, joint administrator at PwC.

“We are currently exploring how the company can be restructured and are keen to hear from anyone who is able to take the business forward.”

PwC is hoping to revive a deal with Chinese carmakers Shanghai Automotive Industry Corp (SAIC) to invest in MG Rover's other two companies in administration. – Reuters