29th Jun, 2022

Chinese lenders keep Jaguar Land Rover running as suppliers fear continued shutdown at Castle Bromwich

John Carlon 6th Jun, 2020

JAGUAR Land Rover’s Castle Bromwich plant will stay shut until August 10 at the earliest, it has been reported.

Suppliers to the car manufacturer have told Sky News they will not see shipments to JLR for another two months.

The extended shutdown comes as Jaguar Land Rover agreed a bail-out loan with a consortium of Chinese banks.

Owing to the company being ineligible for loans backed by the British government, it turned to Chinese lenders for £560million.

The three-year ‘revolving credit facility’ is provided by the Bank of China, ICBC, China Construction Bank, Bank of Communications and Shanghai Pudong Development Bank.

JLR, owned by Indian family company Tata, is a manufacturing partner of the Chinese state-owned car company Chery.

Jaguar Land Rover shut both its Solihull and Castle Bromwich plants at the outbreak of the coronavirus crisis, furloughing 20,000 of its employees.

Last month the Solihull plant for reopened, with 2000 employees coming back to work on tracks.

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