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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.

CDN-GM Interactive Design Competition - interior phase finalists announced

July 19 saw the CDN-GM competition judging and mentoring teams meet at GM's world HQ in Warren, Michigan, to cast judgment over the 99 entries to the interior phase of the competition. The competition asked design students to develop concepts in response to briefs set by each of GM's four brands – Chevrolet, Cadillac, GMC and Buick. The judges nominated three finalists for each brand, who will be invited to attend the 2012 NAIAS in Detroit.

Vauxhall & Opel – no plant closures before 2014

Will the new Mokka help GM in Europe Despite reports that GM Europe are planning closures at Vauxhall and Opel, GM boss says there will be no closures before 2014. GM in Europe are not having an easy time of things, with both Vauxhall and Opel struggling for sales as the car market in Europe polarises and the mainstream car makers struggle. GM have made some moves to consolidate their European operation with a co-operation agreement with Peugeot Citroen, but that deal has more of a sticking plaster feel to it than a real way to fix the issues of over-production in a difficult European market.