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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.

One Lap of the Web: Bugatti state of mind

-- Last week, we looked at the new Bugatti exhibit at the Mullin Museum, which taught us more about Bugatti in an afternoon than the last three years of idly flipping through Pebble Beach programs. Having thus immersed ourselves in the House That Ettore Built, we'd really like to drive to work in a faithful Type 35 replica by the aptly named Pur Sang, which Mark Dixon of Octane drove for his 140-mile commute. "You need to keep the revs up while the engine clears its throat and warms its plugs," he writes.

Saab files for bankruptcy: the end of the Swedish saga

Saab has reached the end of the road - for the second time in two years, just before Christmas. Parent company Swedish Automobile today announced that Saab had filed for bankruptcy. Owner and acting CEO Victor Muller had been trying to sell Saab as a going concern and had come close to signing a deal with Chinese car makers Pang Da and Youngman, but the deal was blocked by former owner General Motors which feared its technology - powering the new 9-5, plenty of the 9-3 range and the 9-4X - would fall into opposition hands in China.