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Bondholders snub GM, bankruptcy filing likely

Nowhere near enough General Motors bondholders agreed to exchange their debt for stock before a midnight Tuesday deadline, making a bankruptcy filing by the automaker highly likely. GM had set a threshold of 90 percent of the $27 billion in bond debt it wanted to exchange for 10 percent of the stock in a reorganized company for the deal to take place. In a statement Wednesday, GM said the amount of notes tendered was substantially less than the 90 percent target.

Pumped up Chevy previews new Lacetti

By Phil McNamara Motor Industry 07 September 2006 08:47 Chevrolet has issued this sneak preview of its forthcoming family hatch – disguised as a World Touring Car. Disregard the pram handle wing, snowplough undertray and steroidal wheelarch extensions, and you have the car to replace the current Lacetti in around 2008. The production model should use GM's next-generation Delta platform, which will also underpin the next Astra and a proposed Saab hot hatch.

GM agrees to sell Saab to supercar company Koenigsegg

General Motors confirmed Tuesday morning that it has a tentative agreement to sell Saab to a group led by Swedish supercar maker Koenigsegg Automotive. The deal would close by the end of the third quarter and put Saab in the hands of an upstart, boutique car company known for producing eye-catching cars with gaudy horsepower ratings and even gaudier price tags. The agreement includes $600 million in financing from the European Investment Bank.