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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.

Volvo XC70 Surf Rescue

By Phil McNamara Motor Shows 30 October 2007 01:38 The lowdown: XC70 Surf Rescue Volvo is adding a touch of Baywatch glamour to the XC70, with this Surf Rescue concept car. The jacked up, yellow and red rescue vehicle was unveiled at the world's biggest aftermarket show – SEMA in Las Vegas – which starts today (Tuesday 30 October). CAR is reporting live from the show, which establishes key automotive design trends.

Italian supercar makers halt production after second earthquake

Ferrari, Maserati and Lamborghini on Tuesday suspended production after an earthquake killed at least 10 people in northern Italy where their factories are located. The three luxury sports car makers said their factories were not damaged in the quake but they had sent workers home. "All the workers and employees have been allowed to join their families" Ferrari said on its Twitter account.