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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.

Chrysler moves design boss Ralph Gilles to lead new SRT brand

Chrysler Group on Tuesday shuffled the heads of its vehicle brands, placing design chief Ralph Gilles in charge of the newly created Street and Racing Technology (SRT) brand while handing his duties as head of the Dodge brand to Reid Bigland. The move is a way of getting all of the automaker's SRT efforts together under one leader, spokeswoman Shawn Morgan said. Gilles, 41, will still be in charge of Chrysler's motorsports activities and the design for Chrysler, Dodge, Ram and Jeep vehicles.

Porsche recalls GT3 for fire risk

Porsche is telling 2014 911 GT3 owners to park their cars until the company can check them out for engine problems that could cause a fire. Porsche says it will pick the vehicles up and take them to a Porsche Center immediately, and that safety is its immediate concern. Two vehicles in Europe caught fire after engine damage occurred, so Porsche decided to inspect all 785 vehicles delivered worldwide.