Reuters: Bankruptcy News: UPDATE 1-Cab maker Manganese Bronze to appoint administrators, funding talks fail

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UPDATE 1-Cab maker Manganese Bronze to appoint administrators, funding talks fail Oct 22nd 2012, 12:34 Mon Oct 22, 2012 8:34am EDT Oct 22 (Reuters) - Manganese Bronze Holdings Plc, the maker of London's iconic black cabs, said it had sought the appointment of administrators after talks to secure funding were unsuccessful. The company, which has been reporting losses since 2008, suspended trading in its shares earlier this month, saying its financial position was unclear after it discovered a safety defect in its new TX4 model that led to the recall and a halt in sales. Manganese Bronze on Monday said it remained focused on the speedy resolution of the steering box fault that led to a product recall announced on Oct. 12. A company spokesman last week confirmed Manganese Bronze was in talks with its second largest shareholder, China's Geely Automobile Holdings Ltd, for additional funds. Grant Thornton UK LLP will be handling the administration process. The recall is the latest in a spate of issues that have plagued the taxi maker at a time when rival Eco City Vehicles , which sells the Mercedes Vito taxi, has been gaining market share. Manganese Bronze's shares had lost more than two-thirds of their value since the beginning of the year to Oct. 11, the last trading day before the stock was suspended.

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