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Plan to rescue British MG fails for lack of financing

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It's goodbye to the MG sports car. A British consortium formed to rescue the famous MG name from extinction admitted this week it had failed to raise the necessary cash. So BL Ltd., the car's manufacturer, which loses $2,000 on every MG it sells in the United States, said it will close the production plant at Abingdon and fire its 820 workers.

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