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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.

Cadillac teases 2013 'glamour' concept car

Looking to recapture some of its past luster, Cadillac showed renderings of a concept car that will appear at a 2013 auto show. The car is an attempt for the brand to "reflect back not for nostalgia, but what made us great at the time," said Clay Dean, Cadillac director of advanced design. Monterey car week is packed with car shows, vintage racing and car auctions.

Chevy Volt to get 230-mpg rating for city fuel economy, General Motors says

General Motors expects that the Chevy Volt will get an EPA city fuel-economy rating of 230 mpg, and a combined fuel economy rating of triple digits, CEO Fritz Henderson said Tuesday. The ratings will be based on a new test that the EPA is developing for plug-in electric hybrids. The highway and combined figures were not announced.