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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.

Southern California's Holiday Motor Excursion wraps up the year: Video

It wouldn't be Christmas, New Year's or any of the other things we celebrate around this time without the annual Holiday Motor Excursion put on by the Horseless Carriage Club of America's Southern California Branch. Each year, between Dec. 25 and New Year's Day, a couple hundred cars older than your favorite grandfather drive, putter, wheeze or roar onto the roads in and around Pasadena, Calif., for a daylong road trip into motoring's past in a wheeled testament to mechanical devotion.

Abarth Launches Custom Track Package To Celebrate 65 Years’ Heritage

THE NEW Abarth 500, offered with additional equipment and a bespoke Abarth track experience, is the latest deal being offered by the performance car manufacturer. Just 65 of the brand’s 500 Custom models are being made available, in recognition of the 65 years since Abarth & C. was formed in Italy by Carlo Abarth.