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Chrysler's main creditors reach deal with U.S.; others hold out

The U.S. Treasury Department has reached a tentative debt-reduction agreement with Chrysler's main creditors but still must get other lenders to sign on for the deal to take effect, three people with knowledge of the talks said today. The accord with JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley would reduce Chrysler's $6.9 billion debt to $2 billion, which would be repaid by Chrysler in cash, they said.

Lowie Vermeersch resigns from Pininfarina

CDN has learned that Lowie Vermeersch has resigned from Pininfarina, where he was Design Director. According to our sources, the Belgian designer has left to pursue other as yet unnamed ventures in the design industry. Vermeersch has been at Pininfarina for the last 12 years, leading the design team that created the new Ferrari 458 as well as the Duettottanta and Sintesi concept cars.

Classic BMW takes Best of Show at Hilton Head Island Concours d'Elegance

A 1937 BMW 328 Roadster owned by Lothar Schuettler of Darnestown, Md., took Best of Show honors at the Hilton Head Island Motoring Festival & Concours d'Elegance. The Sunday concours, which had BMW as the honored marque, wrapped up a weeklong event that included the Savannah Speed Classic vintage races in nearby Savannah, Ga., a tour around Hilton Head by concours entrants, a Motoring Midway and a Car Club Jamboree on Saturday featuring exhibits from car clubs from around the country. The 328 Roadster was first owned by German race driver Baron Fritz Huschke von Hanstein and is one of only 18 cars that were painted black that year.