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GM officially bankrupt

GM finally enters Chapter 11 Bankruptcy The US Government is to provide £30 billion to fund the transition, with GM being split in to ‘Old GM’ and ‘New GM’. In exchange for the money the US Government will take a 60% stake in ‘New GM’ with all the toxic assets and liabilities being disposed of through ‘Old GM’. The restructuring will allow GM to survive on a third less sales than before (10 million instead of 15 million).

Chinese bank may join Saab rescue deal

Saab's owner, Swedish Automobile, said on Monday it is discussions with a bank in China and Chinese automaker Zhejiang Youngman Lotus Automobile over a rescue deal for Saab. Reports had said on Sunday that the Bank of China would replace China's Pang Da as an investor in Saab, which is under bankruptcy protection. Swedish Automobile confirmed Monday that it is talking with Youngman and a bank in China about an equity interest, but did not name the bank.

Design Contest: Renault UK launches Twizy student design competition

We all know how expensive higher education is, so the chance to win up to £9,000 towards UK tuition fees in return for submitting graphic designs for the Renault Twizy sounds very appealing. All you have to do is visit designatwizy.co.uk to download a layout of the front, side and rear and submit as many entries as you like. The closing date is 20 February, when a panel including Senior Vice President, Corporate Design, Laurens van den Acker will choose a top 10 to enter a public vote.