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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.

VW 'to announce its WRC entry' at Rally Sardinia

VW Polo R WRC (2011): Volkswagen enter the WRC High-level sources in an existing World Rally Championship team have told CAR that Volkswagen will formally announce its decision to enter the WRC at Rally Sardinia, which starts on 5 May 2011, somewhat stealing the thunder of Mini’s WRC debut. It’s believed that sister firm Skoda’s Fabia Intercontinental Rally Challenge car will be used as the first step in development. This car currently runs to the 2.0-litre naturally aspirated S2000 rules, so one of the first steps will be to switch to a 1.6-litre turbo.

Lyonheart K Jaguar E-Type: Price from €360,000

The Lyonheart K – a recreation of the Jaguar E-Type – will cost from €360k for the Coupe and €375k for the Convertible (pus vat). For your €360k plus VAT (roughly £366k inc vat) you get all the beauty of an E-Type but with modern underpinnings including the heart of a Jaguar XK and its 5.0 litre supercharged V8 with Cosworth tweaks to deliver 575PS offering a very non-E-Type 0-62mph of under 4 seconds. Fifty per cent of Lyonheart K production is staying in Europe, 20 per cent is off to the Middle East and 30 per cent to China, with a total of just 250 cars being built, starting in December 2013 and ending in the summer of 2015.