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Swedish court rejects Saab creditor-protection plea; Saab will appeal

A Swedish court on Thursday rejected an application by ailing carmaker Saab for protection from creditors to give it breathing space to solve a cash crisis and get funds from Chinese investors. The Vanersborg district court in western Sweden said in a statement on its Web site that there was no reason to believe a new creditor protection process, known as a reconstruction, would work. Saab said in a statement that it is disappointed with the ruling and will appeal the decision.

2013 Citroen C4 Picasso: First photos & details

The new 2013 Citroen C4 Picasso has been revealed ahead of going on sale in the summer. It’s lighter, bigger and more frugal than the old C4 Picasso. Built on the same EMPS2 platform from PSA that will be used on the new Peugeot 308, the new C4 Picasso sheds weight by using aluminium for the bonnet, alloy components, a composite rear floor and tailgate to make the new C4 Picasso 140kg lighter than the old Picasso.

Home of NAIAS to be updated

The spiritual home of the NAIAS is set to be rejuvenated. The Cobo center in Detroit, home of the North American International Auto Show for over 24 years, is part of a $221 million project that will see it extended and renovated extensively. The Detroit Regional Convention Facility Authority have announced that many of the improvements to the Cobo center will be ready for the 2012 NAIAS, although the project is unlikely to be finished until 2014.