DETROIT (

TheStreet

) --

General Motors

will wind down its Hummer operations after

Sichuan Tengzhong Heavy Industrial Machines

was unable to complete the acquisition.

"One year ago, General Motors announced that we were going to divest Hummer, as part of focusing our efforts on Chevrolet, Buick, GMC and Cadillac going forward. We have since considered a number of possibilities for Hummer along the way, and we are disappointed that the deal with Tengzhong could not be completed," said John Smith, GM vice president of corporate planning and alliances, in a statement.

GM said it will continue to honor existing Hummer warranties.

Tengzhong said it applied for approval of the acquisition, but Chinese regulators said they never received an application.

GM and Tengzhong

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reached a definitive agreement in October for Tengzhong to acquire the Hummer brand. The deal was subject to regulatory approval in both the U.S. and China.

GM spokesman Nick Richards told the

Associated Press

that the automaker would still hear last-minute bids for the brand.

"In the early phases of the wind-down, we'll entertain offers and determine their viability, but that will have to happen in pretty short order," he said.

AP

reports that as recently as Tuesday private investors unsuccessfully tried to set up an offshore entity to complete the acquisition ahead of a Feb. 28 deadline.

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