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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.

A Fine Time To Be A Motorist

ALREADY cash-strapped motorists are paying millions of pounds for minor infringements after a record number of fines were issued, according to claims made by a national newspaper. The Daily Mail said that drivers are paying out £135 million a year after being caught on camera blocking box junctions or straying into bus lanes. Some 1.32 million fines were issued for minor offences in 2011/12, the newspaper said, a record number and a rise of 16% on the previous year.

Kia investigates steering issue on the Soul

Kia Motors America and its suppliers are reviewing their manufacturing processes to track down what caused one driver to lose all steering ability in a two-month-old 2010 Kia Soul. The National Highway Traffic Safety Administration said Monday it had opened a preliminary investigation into the issue after it received one complaint from an owner of an almost-new Kia Soul who said the steering shaft decoupled from the steering wheel and then fell onto the driver's side floor in a way that interfered with the brake pedal. The investigation could affect more than 51,000 Kia Soul vehicles, NHTSA said.